Photo: IC Photo
China’s food delivery and restaurant rating giant Meituan Dianping reported surging revenues during the first three months of 2019, though its bike-sharing business Mobike was a drag on growth.
The company’s total revenues surged 70% from the same period last year to 19.2 billion yuan ($277.66 million), backed by growth of key business units such as food delivery. Meanwhile, the company’s adjusted net loss grew 6% to 1 billion yuan, the company said Thursday.
The food delivery unit booked 1.7 billion orders in the quarter, generating a total revenue of 10.7 billion yuan, up 51.7% from last year.
During the year ended March 31, Meituan had 5.8 million total active merchants, who served 412 million transactions that made in total 138.4 billion yuan worth transactions.
Though it did not release specific financial details, Meituan did admitted that bike-sharing business Mobike had dragged down its profit margin.
Earlier this week, Meituan’s market cap surpassed that of tech behemoth Baidu for the first time, and some joked that China’s tech trio know as BAT (Baidu, Alibaba and Tencent) will soon become ATM (Alibaba, Tencent and Meituan).