BEIJING (Reuters) -China’s largest food delivery firm Meituan posted on Friday a fourth-quarter revenue that was largely in line with estimates, amid sluggish Chinese consumption.
In the quarter, Meituan’s revenue reached 88.5 billion yuan, just above analysts’ estimates of 87.7 billion yuan, according to LSEG data.
Meituan, whose app offers a wide range of services including bike-sharing, ticket-booking, and maps, reported a revenue of 337.59 billion yuan for the year, up from 276.75 billion yuan the previous year.
Its net profit for the 12-month period reached 35.81 billion yuan, compared to a profit of 13.86 billion yuan a year earlier.
Amid cost-conscious Chinese consumers, low-cost and discounted products have become a focus for both shoppers and platforms, which has benefited Meituan as it delivers these goods for a small fee.
(Reporting by Sophie Yu, Brenda Goh; Editing by Muralikumar Anantharaman and Tomasz Janowski)
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