Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More
SHANGHAI - China's Meituan Dianping, an online food delivery-to-ticketing firm, reported a bigger-than-expected rise in quarterly revenue as it fended off competition from rivals including Alibaba-backed Ele.me.
Total revenue rose 50.6% to 22.7 billion yuan ($3.21 billion) for the second quarter ended June 30 from 15.07 billion yuan a year earlier. Analysts on average expected the company to report revenue of 21.87 billion yuan, according to I/B/E/S data from Refinitiv. Meituan, backed by Chinese gaming giant Tencent Holdings Ltd, said it also swung to a profit of 875.8 million yuan in the quarter from a loss of 7.72 billion yuan in the year-ago period.
($1 = 7.0793 Chinese yuan renminbi)
(Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai; Editing by Muralikumar Anantharaman)