Meituan Posts First Loss in Nearly Three Years
By Tracy Qu
Meituan reported a quarterly net loss for the first time in nearly three years as a brutal price war took a toll on the Chinese food-delivery giant.
Net loss for the third quarter was 18.63 billion yuan, equivalent to $2.63 billion, swinging from profit of 12.86 billion yuan a year earlier, the Beijing-based company said Friday. Analysts had expected a 15.68 billion yuan loss, according to a FactSet consensus estimate.
Revenue climbed 2% to 95.49 billion yuan, weaker than analysts' estimate of 97.69 billion yuan.
Meituan, a longtime leader in China's food-delivery industry, has been under increasing pressure from rivals like Alibaba Group and e-commerce platform JD.com.
The Chinese shopping-and-delivery platform has been aggressively offering discounts to attract customers, a move seen as necessary to defend its market share against Alibaba's Ele.me and JD.com. In the latest quarter, JD.com's profit slumped 55%, partly due to its costly push into food delivery. Alibaba this week reported a halving in profit due to heavy spending on food delivery and artificial intelligence.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
November 28, 2025 04:21 ET (09:21 GMT)
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