Meituan snaps losing streak with profitable June quarter though Douyin threat looms
On-demand delivery giant Meituan swung back to profitability in the second quarter as China’s price war in food delivery cooled, allowing the company to scale back subsidies and target higher-value customers. Beijing-based Meituan posted an adjusted net profit of 2.5 billion yuan (US$372 million) for the June quarter, snapping a three-quarter losing streak according to its earnings report on Friday. The figure beat average analyst forecasts of 340 million yuan compiled by Bloomberg. Revenue rose...
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Meituan snaps losing streak with profitable June quarter though Douyin threat looms Why it matters: AI News is moving the AI stack right now, and this update helps explain what changed for builders. Source: South China Morning Post https://a2zai.ai/bytes/meituan-snaps-losing...
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