Meituan announced the highest losses in three years, mainly due to the antitrust investigation and the intense competition it receives from the Alibaba Group.
The Chinese food delivery company said revenue for the quarter to September rose to 48.8 billion yuan ($ 7.6 billion), according to analysts.
Net losses widened to nearly 10 billion yuan, up from the expected $ 7 billion after a fine of 3.44 billion yuan for antitrust violations.
These are the biggest losses since the third quarter of 2018.
The Beijing government’s crackdown on technology companies has had a major impact on China’s largest Internet companies.
Tencent Holdings this month announced the slowest sales increase since it was listed on the stock exchange in 2004, while Alibaba cut its revenue forecast for the year 2022.
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Source From: Capital
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