Food delivery giant Meituan eats US$300 million in losses to chase ‘best opportunity in five years’ as community group buying heats up

//Food delivery giant Meituan eats US$300 million in losses to chase ‘best opportunity in five years’ as community group buying heats up

Food delivery giant Meituan eats US$300 million in losses to chase ‘best opportunity in five years’ as community group buying heats up

Meituan, China’s largest food delivery platform, beat fourth-quarter revenue estimates as profits plunged 250 per cent to a 2 billion-yuan loss as the company continues to invest heavily in its community group buying business, Meituan Select, and warned that there were more losses to come.Revenues rose 35 per cent to 37.9 billion yuan (US$5.8 billion) in the quarter ended December, beating the estimated 36 billion yuan from a Bloomberg analyst survey and up from 28 billion yuan during the same…

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By | 2021-03-26T09:10:53+00:00 March 26th, 2021|Technology|Comments Off on Food delivery giant Meituan eats US$300 million in losses to chase ‘best opportunity in five years’ as community group buying heats up