Meituan, the prominent O2O (Online-to-Offline) platform in China, reported its quarterly performance for March 2024 with a total revenue of 73,275 million yuan, marking a 25.0% increase from the same quarter in the previous year. The net profit according to Non-IFRS accounting stood at 7,488 million yuan.
During the earnings announcement, Wang Xing, the CEO and co-founder of Meituan, expressed confidence in the company’s ability to follow industry trends as the economy rebounds and consumer spending in the country improves, leading to continued strong performance in the first quarter.
Looking ahead, Wang mentioned the company’s plans to expand its services internationally, focusing on the Southeast Asian region currently.
Revenue from the core commerce business in the country, including everything from food delivery to hotel bookings and flight reservations, saw a 27.4% increase to 54,625 million yuan. However, newer businesses like Group-buying experienced losses, decreasing to 2,757 million yuan.
Source: South China Morning Post
TLDR: Meituan, a leading O2O platform in China, reported a strong performance in Q1 2024 with increased revenue and plans for international expansion.
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