Meituan Nearly Triples Profit Despite Competition
Chinese food-delivery giant Meituan reported a near tripling of fourth-quarter profit as revenue jumped, continuing its run of strong earnings even as it faces fierce competition and a weaker Chinese economy.
The Beijing-based shopping-and-delivery platform said on Friday that fourth-quarter net profit was 6.22 billion yuan, equivalent to about $858 million, up from 2.22 billion yuan a year earlier. The result was lower than the 7.94 billion yuan expected of analysts polled by Visible Alpha.
Revenue rose 20% to 88.49 billion yuan...
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