Meituan Posts Fourth-Quarter Profit on Travel, Consumption Rebound
By Kimberley Kao
Meituan reported a profit in the fourth quarter on higher revenue, as Chinese consumption continued to recover and local businesses rebounded.
The Beijing-based shopping-and-delivery platform on Friday posted a net profit of 2.22 billion yuan ($308.4 million), compared with a net loss of CNY1.08 billion a year ago. The result exceeded the CNY958.0 million profit expected in a FactSet poll of analysts.
Revenue rose 23% to CNY73.70 billion, marginally beating a FactSet estimate of CNY72.50 billion.
After four straight quarters of profit, 2023 also marked the return to annual profit for one of China's most valuable internet companies.
Meituan reported net profit of CNY13.86 billion on CNY276.74 billion in revenue for the full year.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
March 22, 2024 05:12 ET (09:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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