Meituan Q3 sales surge on China's economic recovery, rise in takeouts

Food delivery continued to recover from the pandemic, with operating profit for the business more than doubling in the September quarter, the company said on Monday

Meituan reported a 29% rise in quarterly revenue after China’s economic recovery boosted restaurants and whetted consumers’ appetite for takeout.

The world’s largest meal delivery service posted sales of 35.4 billion yuan ($5.4 billion) during the July-September period, beating the average estimate of 34 billion yuan. It also logged net income of 6.3 billion yuan, versus a projected 435 million yuan. Profit was bolstered by 5.8 billion yuan in investment gains.

The strong results affirm Meituan’s bounce-back from the pandemic disruptions of past quarters and could assuage investors worried about the impact of a Chinese antitrust crackdown on the internet sector. China’s