Meituan reported a 28.1% revenue increase to a total of RMB 73.3 billion ($10.1 billion) in the first quarter of 2024 as the company experienced gains from its core local commerce operations, led by food delivery, reports the South China Morning Post. This exceeds the estimated 25% year-on-year increase to RMB 70.3 billion. The current earnings are now up from RMB 58.6 billion in the same period last year.
Profit for the quarter reached RMB 5.4 billion, about 60% higher than RMB 3.4 billion a year ago.
“We effectively captured the industry rebound and invigorated local consumption, leading to our robust performance in the first quarter,” Meituan co-founder and chief executive Wang Xing said during the firm’s earnings call on Thursday.