Meituan, the dominant online platform in China, reported its performance for the second quarter of June 2024, showing a 21.0% increase in total revenue to 82,251 million yuan compared to the same period last year, with a net profit according to Non-IFRS accounting of 13,606 million yuan.
The company highlighted growth in delivery services revenue, particularly from targeted campaigns for small to medium businesses, generating revenue of 23,021 million yuan. Additionally, revenue from the supermarket service saw growth with the expansion of Meituan InstaMart stores in various regions.
CEO Wang Xing addressed questions during the earnings call regarding the company’s international expansion plans, stating that they are still in the early stages of evaluating opportunities to enter different markets and all plans are in the long-term development phase.
Source: South China Morning Post
TLDR: Meituan’s second-quarter performance in June 2024 showed a 21.0% increase in total revenue, with a focus on growth in delivery services and supermarket revenue, while CEO Wang Xing discussed future international expansion plans.
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