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Meituan’s Q3 revenue up 22.4%
Meituan, China’s largest food delivery platform, reported a 22.4% increase in revenue for the third quarter.
The company’s revenue reached 93.58 billion yuan (US$12.92 billion) from July to September, rising from 76.47 billion yuan (US$10.5 billion) in the same period last year.
Net profit for Meituan saw a significant boost, rising to 12.86 billion yuan (US$1.77 billion), up from 3.59 billion yuan (US$495.7 million) in 2022’s third quarter.
Its core local commerce segment, including food and non-food deliveries via Meituan Instashopping, experienced a 20.2% increase, achieving 69.37 billion yuan (US$9.57 billion) in revenue.
According to ChinaIRN, Meituan dominates the Chinese food delivery market, with a 69% share of the 1 trillion yuan (US$138 billion) industry.
Recent Meituan developments
| Timeline |
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20-Sep-2024 🚚 Meituan gig workers collectively earned $11.3b in 2023: CEO
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22-Mar-2024 📈 Meituan’s profitability improves, revenues drive forward
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08-Jan-2024 📦 Meituan’s KeeTa app claims 2nd spot in Hong Kong’s food delivery market
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01-Dec-2023 🍔 Meituan confirms not buying Foodpanda, Grab’s shares may stabilize
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| 28-Nov-2023 📈 Meituan reports 3rd consecutive profitable quarter, sales up 22% |
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