Reported 2 days ago
Meituan reported a significant decline in its second-quarter earnings, with a 96.8% drop in net profit, as it competes with Alibaba and JD.com in a fierce delivery price war. Despite revenue growth of 11.7% year-over-year, Meituan's profit fell short of expectations due to increased operational costs and competitive pressures. The company plans to prioritize growth over profitability in the short term but remains optimistic about long-term prospects.
Source: YAHOO