Meituan's Profit Tripled on Rising Chinese Consumption
By Ben Otto
Meituan's quarterly profit nearly tripled on year, helped by a recovery in China's consumption that boosted delivery sales.
The Beijing-based shopping-and-delivery platform said Tuesday that net profit in the third quarter rose to 3.59 billion yuan ($503.4 million) from CNY1.22 billion a year ago.
Quarterly revenue rose 22% on year to CNY76.47 billion, beating consensus estimate of CNY75.89 billion in a FactSet-compiled poll of analysts.
Meituan said the peak daily order volume of its food delivery service hit a record 78 million orders, double from levels three years ago, while the company's number of on-demand delivery transactions rose 23% on year.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
November 28, 2023 04:36 ET (09:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?