Meituan’s quarterly revenue rose 25% as the Chinese food delivery company resisted the financial impact of coronavirus lockdowns in cities like Shanghai.
Sales rose to 46.3 billion yuan ($ 6.9 billion) in the quarter to March, mainly due to a 47% increase in revenue from the new business unit.
Revenue exceeded analysts’ estimates by 45.3 billion yuan, but it is the company’s slowest growth in two years.
Chinese Meituan is one of the few Chinese technology companies that has maintained its momentum in a difficult macroeconomic environment.
China’s retail sales in April shrank 11.1% year-on-year, underscoring the impact of the coronavirus-zero policy, which has hit the country’s supply chains and forged consumer sentiment.
Also, the company of billionaire Wang Xing, is under control for the commissions it charges in restaurants and how well it pays its employees.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
