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Meituan Sales Beat as Chinese Appetite for Meal Takeout Intact

Delivery workers for Meituan in Shanghai. 

Delivery workers for Meituan in Shanghai. 

Source: Bloomberg

Chinese food delivery titan Meituan reported a better-than-expected 16% increase in quarterly revenue, after appetite for meal takeout remained largely intact despite an economic downturn and Covid-related disruptions.

Sales rose to 50.9 billion yuan ($7.4 billion) during the three months ended June, versus an average projection for 48.6 billion yuan. It logged a net loss of 1.12 billion yuan, the seventh consecutive quarter in the red, but better than estimated as cost cuts kicked in.