Home Technology China’s Food Delivery Giant Meituan Posts Third-Quarter Loss | Technology News

China’s Food Delivery Giant Meituan Posts Third-Quarter Loss | Technology News

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China’s Food Delivery Giant Meituan Posts Third-Quarter Loss | Technology News

SHANGHAI (Reuters) – Chinese meals supply large Meituan reported a fourth consecutive quarterly loss on Friday, because it plowed extra funding into increasing its numerous companies.

Tencent-backed Meituan, whose companies additionally embrace restaurant opinions and bike sharing, reported a 5.53 billion yuan ($866 million) loss within the July-September interval versus a revenue of two.05 billion yuan a 12 months earlier.

Revenue rose 37.9% within the interval from a 12 months earlier to 48.8 billion yuan.

That in contrast with a 48.6 billion yuan common of 13 analyst estimates polled by Refinitiv.

($1 = 6.3888 Chinese yuan renminbi)

(Reporting by Brenda Goh; Editing by Edmund Blair)

Copyright 2021 Thomson Reuters.

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