Meituan, the Chinese on-demand services giant, reported a 36% increase in adjusted net profit for the first quarter, reaching CNY7.5 billion (USD1 billion). Revenue surged 25% to CNY73.3 billion (USD10.1 billion). Despite these gains, CEO Wang Xing noted that food delivery order growth is expected to trend downward in Q2 due to a more cost-conscious consumer base. Meituan is confident in the growth and profitability of its hotel business for the full year 2024 and beyond. The company is also in the early stages of researching overseas markets for food delivery expansion, with a focus on the Middle East and a ROI-oriented approach. Additionally, Meituan is adjusting its organizational structure to better support core local life service businesses and is exploring ways to offer subsidies and discounts to customers. The company has also cut losses by half on new initiatives.
In China’s post-Covid thrift economy, Meituan’s ultra-cheap group orders boomed. But the $3 meals come at a cost to the drivers who have to deliver them https://t.co/XXUephXgbz
Meituan reports growth in revenue and profits, cuts losses by half on new initiatives https://t.co/5sDdNOZuBN
Meituan Is Still Adjusting Its Organizational Structure, Co-Founder Says https://t.co/GX8x2nbQpt https://t.co/2rSgvgnAxc
Chinese meal delivery giant Meituan is prepping a larger overseas expansion, starting with the Middle East https://t.co/xWlgIlJvEp
Meituan is still adjusting its organizational structure to better support and incorporate core local life service businesses, CEO Wang Xing said yesterday. Meituan is exploring a more structured way to support customers with subsidies and discounts, he added. @meituan https://t.co/LfA9ZCriMg
⚠️ MEITUAN CEO: **WE ARE STILL AT THE VERY EARLY STAGES OF RESEARCHING MORE OVERSEAS MARKETS FOR FOOD DELIVERY EXPANSION **GLOBAL EXPANSION WILL BE VERY IMPORTANT FOR THE FUTURE OF MEITUAN'S LONG TERM GROWTH BUT FROM A FINANCIAL PERSPECTIVE WE WILL BE CAREFUL AND ROI-ORIENTED
⚠️ MEITUAN CEO: WE ARE CONFIDENT IN THE POTENTIAL FOR GROWTH AND PROFITABILITY IN OUR HOTEL BUSINESS IN FULL YEAR 2024 AND BEYOND
⚠️ MEITUAN CEO: UNDER CURRENT MACRO ENVIRONMENT CONSUMERS HAVE BECOME MORE COST-CONSCIOUS BUT SOME YOUNG PEOPLE ARE WILLING TO ALLOCATE MORE BUDGET FOR EXPERIENCES AND TRAVEL
⚠️ MEITUAN CEO: AS WE ENTER Q2 FOOD DELIVERY ORDER GROWTH RATE COMPARED TO LAST YEAR IS EXPECTED TO TREND DOWNWARD
Meituan's adjusted net profit soared 36% in the first quarter from a year earlier to CNY7.5 billion (USD1 billion), and revenue surged 25% to CNY73.3 billion (USD10.1 billion), the Chinese on-demand services giant said today. @meituan https://t.co/EeWzbPWROW