China's Meituan Dianping posts $221.27m loss in Q1

The food delivery giant warned that business will be affected by the pandemic in 2020.

Chinese food delivery giant Meituan Dianping posted a smaller-than-expected fall in revenue on 25 May after its business was hit by nationwide virus curbs but cautioned that the pandemic would continue to have an impact.

After three consecutive profitable quarters, the company’s loss for Q1 ended March 31 was $221.27m (CNY1.58b), compared with the $200.57m (CNY1.43b) loss for the same period last year.

Total revenue fell to $2.35b (CNY16.75b) from $2.69b (CNY19.17b) a year earlier. Analysts on average had expected revenue of $2.26b (CNY16.11b), according to IBES data from Refinitiv.

Beijing-based Meituan, whose sprawling business ranges from hotel booking to ride hailing, warned it would be affected by the pandemic for the rest of the year.

Also Read

Nearly 7 in 10 Filipino travellers prioritise shopping during holiday trips

New Zealand's e-commerce market to reach $10.8b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit