Meituan Q1 revenues rise 26.7%

Reuters2023-05-25

By Casey Hall

SHANGHAI, May 25 (Reuters) - Chinese food delivery giant Meituan on Thursday posted a bigger-than-expected 26.7% rise in quarterly revenue as it fended off competition from rivals such as Alibaba-backed Ele.me and ByteDance unit Douyin.

Meituan - whose app provides services including bike-sharing, ticket-booking and maps - reported January to March revenue of 58.62 billion yuan ($8.48 billion), up from 46.27 billion yuan a year earlier.

The result compared with the 56.48 billion yuan average of 14 analyst estimates compiled by Refinitiv.

($1 = 6.9121 Chinese yuan renminbi)

(Reporting by Casey Hall; Editing by Jan Harvey)

((Casey.Hall@thomsonreuters.com;))

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