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Meituan sees 27% revenue growth in Q1

Chinese food delivery and on-demand services giant Meituan reported a 26.7% rise in first-quarter revenue from a year ago, as demand surged after China’s reopening from COVID-19 restrictions, reports the South China Morning Post. The Beijing-based firm said on Thursday its total revenue was RMB 58.62 billion ($8.3 billion) for the three months to end-March, up from RMB 46.3 billion ($6.5 billion) a year earlier. Meanwhile, Meituan returned to a net profit of RMB 3.36 billion from a net loss of RMB 5.7 billion a year ago, thanks to cost-cutting efforts, such as the restructuring of its ride-hailing units.

Meituan’s huge delivery network has become a big cushion in China’s job market, providing seasonal employment to tens of thousands of people who cannot find full-time jobs elsewhere.

Meanwhile, the company is edging into overseas markets, with its delivery service available in Hong Kong as of this week.

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