Meituan Revenue Beats Estimates in Sign of Chinese Recovery
- Sales rose 22% while net profit more than tripled last quarter
- Meituan’s stock has outpaced its rivals over the past year
Meituan couriers wait for orders outside a store in the Sanlitun area of Beijing.
Source: Bloomberg
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Meituan’s quarterly revenue climbed a better-than-expected 22%, signaling a gradual recovery in online commerce and travel as Beijing tries to jumpstart the economy.
China’s meal delivery leader posted sales of 93.6 billion yuan ($12.9 billion) in the September quarter, versus the 92 billion yuan average projection. Net income tripled to 12.9 billion yuan.