Meituan Dianping reports strong Q3 revenue growth
China's service-focused e-commerce giant Meituan Dianping reported soaring revenue increase in the third quarter of this year, backed by growth in key business areas such as food delivery, in-store purchases, hotels and travel.
From July to September, the company's total revenue surged 44.1 percent year on year to 27.5 billion yuan (3.9 billion U.S. dollars) and achieved an adjusted net profit of 1.9 billion yuan, the company said Thursday in its quarterly financial report.
Its food delivery service recorded 2.5 billion orders in the quarter, generating a transaction volume of 111.9 billion yuan, up 40 percent from last year.
The revenue of the in-store, hotel and travel businesses of the company grew by 39.3 percent year on year to 6.2 billion yuan in the quarter.
Besides the outstanding performance of its main business sectors, Meituan Dianping's new initiatives also developed steadily in the quarter, with a total revenue of 5.7 billion yuan, up 65.4 percent year on year.
The company focuses on a "Food + Platform" strategy and operates a number of mobile apps in China to provide multi-level services including on-demand delivery, ticket booking, car-hailing and bike-sharing.