Meituan (3690. HK), a Chinese meal delivery company, beat expectations with a 21.4% quarterly sales increase on Friday.
During the three months ending December, Meituan, whose super app offers bike-sharing, movie tickets, navigation, food delivery, and restaurant bookings, reported 60.13 billion yuan ($8.76 billion) in sales, up from 49.52 billion a year earlier.
According to Refinitiv, analysts predicted 57.88 billion yuan in sales.
From 5.34 billion yuan a year earlier, its fourth-quarter net loss was 1.08 billion.
Last year, COVID-19 limits hurt Meituan, but it turned a profit in the third quarter by cutting back on new activities.
Meituan, originally Meituan-Dianping, is a Chinese shopping platform for local consumer items and retail services, including entertainment, eating, delivery, travel, and more.
Wang Xing launched the Beijing-based startup in 2010. Several services have applications and websites. For example, Meituan sells daily coupons for local businesses and leisure. By May 2014, the firm employed 5,000.
Meituan combined with Dazhong Dianping in 2015 and became “Meituan-Dianping.” dianping.com provides group shopping like Groupon and restaurant reviews like Yelp and TripAdvisor.
Meituan-Dianping is a major online and on-demand delivery platform.
In April 2018, it had 290 million monthly active users and 600 million registered users.
