Meituan sees 21.4% bump in Q4 revenue amid local movement curbs

Photo credit: Shutterstock

Food delivery major Meituan has logged US$8.74 billion in revenue for the fourth quarter of 2022, a 21.4% increase year on year. The China-based firm’s quarterly operating losses also narrowed dramatically to US$106 million from US$726 million.

The company said that last year, while travel restrictions were still in place in China, it made use of its strength in short-distance orders.

Most of the company’s revenue came from its core local commerce business, which contributed US$6.32 billion to the firm’s topline in the quarter. This represents a 17.4% uplift from 2021.

Meituan’s local commerce arm includes its food delivery and non-food delivery services. Operating profit from the segment sat at US$4.29 billion, a 56.8% jump year over year.

See also: Oddle built a profitable food delivery business. Here’s how

However, Meituan is still reportedly eyeing growth outside China, with the company starting to hire for positions in Hong Kong.

For the full year, the company saw a 22.8% jump in revenue to US$31.99 billion. Operating losses, meanwhile, stood at US$843.3 million, shrinking 74.8%.