Pandemic drives Meituan Q1 revenue down 12.6%
Print Edition
Food delivery and lifestyle service giant Meituan Dianping鈥檚 revenue fell 12.6 percent to 16.75 billion yuan (US$2.36 billion) in the first quarter after its core business was affected by lockdown conditions.
Net loss widened to 1.58 billion yuan from 1.43 billion yuan a year earlier, after profits in the final three quarters of 2019.
The daily average number of food deliveries fell 18.2 percent, but average value per order increased 14.4 percent.
Food deliveries recorded an operating loss of 70.9 million yuan, compared with an operating profit of 482.8 million yuan in the previous quarter.
鈥淲e expect that factors including the ongoing pandemic, consumers鈥 lack of confidence in offline consumption and the risk of merchant closure in the remainder of the year will continue to have a potential impact on our business,鈥 it said in a stock exchange filing.
Revenue from new initiatives and other segments, including bike-sharing, car-hailing and B2B food distribution, increased 4.9 percent to 4.2 billion yuan.
Daily food deliveries returned to about 90 percent of pre-pandemic volumes in mid-May.
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