Food Delivery Giant Meituan Q1 Defies Covid Headwinds with More Than Doubled Grocery Orders

Last week, Alibaba and Baidu showed their outperforming the Wall Street forecast both the top and the bottom line in Q1.

BEIJING, June 2 (TMTPOST)— Another Chinese internet giant posted better-than-expected financial results in the start of the year, further underling resilience of the country’s tech sector facing headwinds including the COVID-19 lockdowns.

Source: Visual China

During the quarter ended March 31, 2022, Meituan, China’s largest on-demand services provider, recorded revenue of RMB46.27 billion with a 25% year-over-year (YoY) increase, beating the Wall Street expectation of RMB45.29 billion. The quarterly adjusted net loss narrowed 7.8% YoY to RMB3.59 billion, better than the analysts’ estimated loss of RMB4.59 billion.

The first quarter saw health growth across all the Meituan’s business lines. Revenue of its core business food delivery rose 17.4% YoY to RMB24.16 billion, largely driven by increases in the order volume and average order value. The segment raked in 3.36 billion orders that quarter, up 15.8% YoY. The food delivery giant said its performance showed resilient in the first two months of the quarter, though it was severely affected in March due to the spread of Omicron in many regions in China.

The in-store, hotel & travel segment also was affected in March, but its revenue achieved 15.8% YoY growth. Meituan said it had confidence in the consumption recovery and expected the business will resume normal growth when the pandemic is over.

The new initiatives and others segment had more stellar growth in the first quarter as its revenue jumped 47.0% YoY to RMB14.5 billion, mainly benefiting from the expansion of the goods retail businesses. The order volume of Meituan Grocery, an online supermarket focusing on meat, fruit, vegetables and other fresh foods, surged almost 120% YoY and the daily transaction volume reached a new high that quarter. Meituan noted its efforts to ensure stable supply of daily necessities in Shanghai lockdown, and added it launched a community group purchase feature for the residents in lockdowns.

"Our businesses, especially food delivery, in-store and hotel booking will continue to face short-term headwinds on the back of the resurgence of COVID cases and the weaker macro environment,” the Chief Financial Officer Shaohui Chen confided. However, Chen expressed optimistic as his company expected short-term impacts were temporary and growth of all of businesses would resume normal in post strict pandemic control periods.

Last week, Alibaba and Baidu showed their outperforming the Wall Street forecast both the top and the bottom line. Alibaba’s revenue topped the analysts’ projection, though its 8.9% YoY growth was the slowest since its U.S. listing in 2014. Baidu’ revenue edged up 1% YoY and the non-networking segment see a more robust growth of 35% in revenue, driven by cloud and other artificial intelligence (AI) businesses as sales of Baidu AI cloud jumped 45% yearly.

转载请注明出处、作者和本文链接
声明:文章内容仅供参考、交流、学习、不构成投资建议。
想和千万钛媒体用户分享你的新奇观点和发现,点击这里投稿 。创业或融资寻求报道,点击这里

敬原创,有钛度,得赞赏

赞赏支持
发表评论
0 / 300

根据《网络安全法》实名制要求,请绑定手机号后发表评论

登录后输入评论内容

快报

更多

2024-03-02 22:33

齐向东:人工智能时代,AI技术将推动网络安全成为支柱型产业

2024-03-02 22:18

星纪魅族集团CEO沈子瑜:今年预计会完成一轮融资,甚至也会去考虑IPO | 钛媒体独家

2024-03-02 21:56

3月2日新闻联播速览15条

2024-03-02 21:49

台积电拟在台招募6000人,硕士新进工程师年薪上看200万新台币

2024-03-02 21:27

中国人民政治协商会议第十四届全国委员会第二次会议秘书长、副秘书长名单

2024-03-02 21:20

多家机构预计下周油价可能要涨

2024-03-02 21:09

全国人大代表、盐津铺子董事长张学武:建议为民企出海提供外汇便利化和金融服务供给

2024-03-02 20:49

上海发布新一轮汽车和家电补贴政策,最高补贴万元

2024-03-02 20:42

全国政协委员王煜:建议加大中西部机场建设,选址尽可能靠近市区

2024-03-02 20:41

全国政协委员周鸿祎:推动大模型向垂直化、产业化落地

2024-03-02 20:35

国务院国资委:加强与辽宁的全方位合作

2024-03-02 20:30

推出“外卡内绑”,网联清算公司将从三方面持续优化来华人员支付服务水平

2024-03-02 20:26

全国政协十四届常委会第五次会议闭幕,王沪宁主持并讲话

2024-03-02 20:25

韩正出席中国美国商会年度答谢晚宴并致辞

2024-03-02 20:09

中央政治局集体学习释放加快能源结构转型积极信号

2024-03-02 19:53

张晓明卸任第十四届全国政协副秘书长职务

2024-03-02 19:50

广州南沙三民岛临时保通便桥明日开放通行

2024-03-02 19:36

受违规丑闻影响,大发汽车2月日本国内新车销量骤减同比减少82%

2024-03-02 19:20

市场企稳反弹,私募被迫减仓的压力得以缓解

2024-03-02 19:08

复旦大学团队研发AI大模型,助视障者“看见”世界

10
34

扫描下载App