$Meituan(03690)$ Meituan swung_老虎社区_美港股上老虎

ZebulonToynbee
2023-01-20

$Meituan(03690)$ Meituan swung to a profit in the third quarter, as the Chinese food-delivery company aggressively cut costs.

The company, one of China's largest internet giants, posted a net profit of 1.22 billion yuan (US$170.6 million), compared with a loss of CNY9.99 billion in the same period last year.

Revenue rose 28% to CNY62.62 billion, driven by solid growth in both its main "local commerce" segment, which includes food delivery and hotel businesses, and new businesses such as grocery delivery.

Meituan stepped up its efforts to protect margins during the quarter, with operating profit more than doubling on year.

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