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Meituan’s fourth-quarter revenue jumps on strong orders, while losses from new initiatives narrow further

  • The Beijing-based firm posted a 23 per cent jump in revenue to 73.7 billion yuan for the December quarter
  • Its number of on-demand delivery transactions grew 25 per cent year on year to over 6 billion

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A food delivery rider for Meituan in Beijing, China. Photo: Simon Song
Ben Jiangin Beijing
On-demand food delivery giant Meituan reported a 22.6 per cent jump in fourth-quarter revenue, buoyed by strong orders from consumers enticed by discounts in post-pandemic China.
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The Beijing-based company posted 73.7 billion yuan (US$10.2 billion) in revenue for the three months ended December 31, better than the 72.7 billion yuan consensus estimates according to analysts surveyed by Bloomberg.

Quarterly net income came in at 2.22 billion yuan, compared with a net loss of 1.08 billion yuan a year earlier.

For the full year 2023, Meituan’s revenue rose 25.8 per cent to 276.7 billion yuan.

A promotion booth for KeeTa, a Hong Kong food delivery platform under Meituan. Photo: Jelly Tse
A promotion booth for KeeTa, a Hong Kong food delivery platform under Meituan. Photo: Jelly Tse

The company’s local e-commerce business – its bread-and-butter segment that includes on-demand deliveries of food and other items, hotel and travel bookings, as well as services that help merchants engage with consumers – saw operating profit grow by 11.1 per cent to 8 billion yuan in the fourth quarter.

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The number of on-demand delivery transactions surged 25 per cent year on year to over 6 billion.

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