China food delivery firm Meituan beats revenue estimates amid COVID resurgence – CNA

BEIJING :Chinese food delivery company Meituan surpassed quarterly revenue estimates on Thursday, despite a resurgence of COVID-19 cases and accompanying restrictions in China restrained its supply and delivery capacity. Total revenue rose 25 per cent year over year to 46.27 billion yuan ($6.93 billion) for the quarter ended March, compared with analysts’ average estimate of 45.04 billion yuan, according to IBES data from Refinitiv. Meituan, whose services also include hotel booking and bike-sharing, said its quarterly loss increased to 5.7 billion yuan from a loss of 4.8 billion yuan a year earlier, as the company continued to invest in new…