Meituan Posts Widest Loss Since 2018 as China Headwinds Grow
(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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