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Meituan’s Revenue Climbs 28% After Covid Drives Meal Delivery

A Meituan delivery rider in Shanghai.

A Meituan delivery rider in Shanghai.

Source: Bloomberg

Meituan posted a 28% surge in revenue, affirming resilient demand in China for takeaway from people confined to home during the pandemic.

Sales rose to 62.6 billion yuan ($8.7 billion) during the three months ended September, versus an average projection for 62.4 billion yuan. It swung to a profit for the period of 1.2 billion yuan, helped by big foreign exchange gains and tax benefits, after almost two years in the red.