Meituan Posts Fourth-Quarter Profit on Travel, Consumption Rebound
By Kimberley Kao
Meituan reported a profit in the fourth quarter on higher revenue, as Chinese consumption continued to recover and local businesses rebounded.
The Beijing-based shopping-and-delivery platform on Friday posted a net profit of 2.22 billion yuan ($308.4 million), compared with a net loss of CNY1.08 billion a year ago. The result exceeded the CNY958.0 million profit expected in a FactSet poll of analysts.
Revenue rose 23% to CNY73.70 billion, marginally beating a FactSet estimate of CNY72.50 billion.
After four straight quarters of profit, 2023 also marked the return to annual profit for one of China's most valuable internet companies.
Meituan reported net profit of CNY13.86 billion on CNY276.74 billion in revenue for the full year.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
March 22, 2024 05:12 ET (09:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now