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Meituan Dianping, China’s largest on-demand services provider, beat second-quarter earnings estimates, as demand for food delivery posted strong growth after the coronavirus lockdowns.
The Beijing-based company reported a 152.4 per cent increase in net profit to 2.2 billion yuan (US$318 million) in the quarter ended June 30, up from 875.8 million yuan in the same period last year, primarily because of an increase in tax returns and preference. Market analysts’ consensus estimate gathered by Bloomberg had forecast a 643 million yuan loss.
Revenue rose 8.9 per . . .
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