Meituan Revenue Beats Estimates After Staving Off ByteDance
- Profit beat projections despite shaky domestic consumption
- Meituan is now exploring overseas markets as China slows
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Meituan’s quarterly revenue climbed a better-than-expected 23%, a sign that it’s making headway in efforts to fend off a challenge from ByteDance Ltd.’s Douyin in China’s meal delivery arena.
The company reported sales of 73.7 billion yuan ($10.2 billion) in the December quarter, versus the 72.7 billion yuan average projection. Net income was 2.22 billion yuan, also better than projected.