Earnings

China’s food delivery app Meituan shares fall on weaker Q3 outlook

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Food delivery couriers for Meituan stand with insulated bags during a morning briefing in Beijing, China, on Wednesday, April 21, 2021.

Yan Cong | Bloomberg | Getty Images

Meituan‘s Hong Kong-listed shares fell more than 5% on Friday after CEO Wang Xing warned of a food delivery slowdown in the next quarter.

“For our food delivery, we expect the third quarter or the volume will slow down, but still be more resilient than other consumption-related sectors,” Wang said during the earnings call on Thursday.

On Thursday, Meituan posted strong second-quarter results.

Revenue was 67.96 billion Chinese yuan ($9.33 billion), up 33.4% from 50.93 billion yuan posted in the same period a year ago. The…



Source cnbc.com

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