Meituan Warns of Slower Growth as Chinese Consumption Wavers

(Bloomberg) --Meituan warned that growth in its main meal delivery business should slow this quarter and spending on promotions rise, as the company tries to sustain growth in an uneven Chinese economic recovery.

Chief Financial Officer Chen Shaohui expects diners to take advantage of atypically warm weather to dine out, even as the macroeconomic environment remains weak. That prediction, based also in part on a difficult comparison with a strong late-2022 market, came after the company reported its third straight quarterly profit off slightly better than-expected revenue.