Meituan Records Fastest Growth Since 2021 Despite Downturn

(Bloomberg) — Meituan posted its fastest pace of revenue expansion since 2021 after dining and travel bounced back from pandemic depths, yet executives warned that economic uncertainty should begin to eat into growth this quarter.

Sales rose a better-than-projected 33% to 67.96 billion yuan ($9.3 billion) in the quarter ended in June. Meituan swung to an operating profit of 4.7 billion yuan from a small loss a year earlier, helped by a doubling in gross transactions volume across its in-store, hotel and travel business.