ZonaMatthew
ZonaMatthew
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avatarZonaMatthew
2023-01-20
$Meituan(03690)$  Meituan posted results for the third quarter. Here is what we watched for:NET PROFIT: Meituan swung to a net profit of 1.22 billion yuan (US$170.6 million) in the third quarter from a loss of CNY9.99 billion a year earlier. That beat analysts' estimates for a loss of CNY997 million for the period, according to a FactSet poll.REVENUE: The Chinese food delivery company's revenue rose 28% to CNY62.62 billion, also beating the FactSet estimate.WHAT WE WATCHED:-- COST SAVING: Meituan aggressively cut costs during the quarter. It joined a host of Chinese internet giants that have shifted their focus to margin protection amid prevailing growth headwind due to China's tight Covid curbs and a slowing economy. Meituan's operating profit

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