China food delivery group Meituan beats revenue estimates amid COVID resurgence – TODAY

BEIJING : Chinese food delivery giant Meituan surpassed quarterly revenue estimates on Thursday as a resurgence of COVID-19 cases and accompanying restrictions in China drove up demand for food and grocery deliveries. Total revenue rose 25per cent year over year to 46.27 billion yuan (US$6.93 billion) for the quarter ended March, compared with analysts’ average estimate of 45.04 billion yuan, according to IBES data from Refinitiv. (US$1 = 6.6721 Chinese yuan renminbi) (Reporting by Yingzhi Yang and Brenda Goh. Editing by Jane Merriman)