Sales rose to 46.3 billion yuan ($6.9 billion) in the three months ended March
China | Coronavirus | Shanghai
Last Updated at June 3, 2022 02:50 IST
Meituan’s quarterly revenue grew 25%, after the Chinese food delivery titan withstood the economic fallout from coronavirus-related lockdowns in cities such as Shanghai.
Sales rose to 46.3 billion yuan ($6.9 billion) in the three months ended March, propelled by a 47% surge in revenue from the division that groups new businesses such as ride-hailing and community commerce.
Revenues exceeded the average analysts’ estimate of 45.3 billion yuan, but marked the slowest pace of growth for the company in almost two years.
Beijing-based Meituan is one of the few Chinese tech companies that appear to have maintained its momentum in a challenging macro environment.
China’s retail sales in April contracted 11.1 per cent from a year ago, underscoring the impact of a Covid-19 Zero policy that’s snarled the country’s supply chains and hammered consumer sentiment.
Kindle out of China
Amazon.com Inc. will discontinue the Kindle eBook in China store on June 30, 2023, a spokesperson said. It promised to continue supporting Kindle readers or refund any device purchases made after January.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Fri, June 03 2022. 02:50 IST