Caixin
Nov 27, 2021 06:10 AM
BUSINESS

Meituan Posts Widest Loss Since 2018 as China Headwinds Grow

Meituan posted its widest loss since 2018, missing estimates amid an antitrust probe, an investment spurt and mounting competition.
Meituan posted its widest loss since 2018, missing estimates amid an antitrust probe, an investment spurt and mounting competition.

(Bloomberg) — Meituan reported its biggest loss in three years, weighed down by a bruising antitrust probe, an investment spurt and mounting competition from Alibaba Group Holding Ltd.

Revenue for the September quarter climbed to 48.8 billion yuan ($7.6 billion), in line with analysts’ estimates, the Chinese food-delivery behemoth said Friday. The net loss widened to almost 10 billion yuan, versus a projected 7 billion yuan, after the company incurred a 3.44 billion yuan fine for violating antitrust rules. That’s the steepest loss since the third quarter of 2018.

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