Meituan's revenue of 50.94 billion yuan in the second quarter increased by 16% over the same period last year, turning a loss into a profit.
CTOnews.com August 26 news, Meituan issued an announcement today, announcing the company's results for the three months and six months ended June 30, 2022.
According to reports, Meituan's revenue of 50.94 billion yuan in the second quarter increased 16 percent over the same period last year, and the market expects 48.59 billion yuan, compared with 43.76 billion yuan in the same period last year. The net loss was 1.12 billion yuan, 67% lower than the same period last year; the adjusted net profit was 2.06 billion yuan, and the estimated loss was 2.17 billion yuan, turning losses into profits compared with the same period last year.
In the first half of 2022, Meituan's revenue of 97.21 billion yuan increased by 20% compared with the same period last year, while the net loss of 6.82 billion yuan in the first half narrowed by 17% compared with the same period last year. As at June 30, 2022, the company held cash and cash equivalents and short-term financial investments of $25.5 billion and $82 billion respectively.
In the 12 months ended June 30, the number of Meituan trading users was 684.7 million, compared with 628.4 million in the same period last year, an increase of 8.9 percent over the same period last year.
In the current quarter, Meituan's income increased by 16.4% to 50.9 billion yuan from 43.8 billion yuan in the same period in 2021, while the operating profit of the core local business division increased from 5.9 billion yuan in the second quarter of 2021 to 8.3 billion yuan in the same period of 2022.
At the same time, the operating loss of the new business division narrowed to 6.8 billion yuan in the second quarter of 2022 compared with the same period last year and month-on-month. The adjusted EBITDA and adjusted net profit for the quarter were RMB 3.8 billion and RMB 2.1 billion respectively, turning from losses to profits compared with the same period last year.
As of June 30, 2022, Meituan held cash and cash equivalents and short-term financial investments of RMB 25.5 billion and RMB 82 billion respectively.
According to reports, in the second quarter of 2022, despite the negative impact of the spread of the Omicron virus, Meituan's core local business branch still achieved 9.2% revenue growth. Operating profit increased by 39.7% to 8.3 billion yuan over the same period last year, and operating profit margin increased to 22.5%.
Meituan said that the arrival, hotel and tourism business was seriously affected by the epidemic, resulting in a sharp drop in revenue in the second quarter of 2022. During April and May, the offline operations of many businesses in many medium-and high-line cities, such as Shanghai and Beijing, were seriously affected by the spread of the Omicron virus.
Sales and marketing expenditure sales and marketing expenditure in the second quarter of 2022 was 9 billion yuan, compared with 10.8 billion yuan in the same period in 2021, down 7.2 percentage points from 24.8% year-on-year to 17.6%. The decrease in amount and percentage of revenue is due to a number of business restrictions on trading user incentives and other marketing expenses.
R & D expenditure increased from 3.9 billion yuan in the second quarter of 2021 to 5.2 billion yuan in the same period of 2022, accounting for 1.3 percentage points of revenue from 8.9% year-on-year to 10.2%. The increase in the amount and as a percentage of income was mainly due to the increase in expenditure on employee benefits.
In addition, net other income decreased by 0.9% from 977 million yuan in the second quarter of 2021 to 968.5 million yuan in the same period in 2022. Meituan's general and administrative expenses increased from 2.3 billion yuan in the first quarter of 2022 to 2.5 billion yuan in the second quarter of 2022, accounting for 4.9% of income in the second quarter of 2022, unchanged from the previous quarter.
