Meituan's Q3 revenue of 76.47 billion yuan in 2023: an increase of 22.1% over the same period last year, higher than market expectations

According to CTOnews.com news on November 28, Meituan today released its financial results for the third quarter of 2023, with revenue of 76.47 billion yuan in that quarter, compared with 62.62 billion yuan in the same period last year, an increase of 22.1 percent over the same period last year, and the market expects 76.009 billion yuan.

Meituan Q3 made an operating profit of 3.358 billion yuan, an increase of 239.9% over the same period last year, and an adjusted net profit of 5.727 billion yuan, an increase of 62.4% over the same period last year.

In terms of business, Meituan's Q3 distribution service income was 22.983 billion yuan, an increase of 14.3% over the same period last year, and commission income was 21.536 billion yuan, an increase of 30.7% over the same period last year.

In terms of core local business, the number of real-time distribution transactions increased by 23.0% in the third quarter compared with the same period last year. Catering takeout maintained a strong growth momentum, with daily orders peaking at 7800 million, an all-time high and double that of three years ago.

CTOnews.com noted from the financial report that Meituan's R & D expenditure in the third quarter of 2022 fell 1.7% from 5.4 billion yuan in the third quarter of 2022 to 5.3 billion yuan in the same period in 2023, accounting for 1.6 percentage points of income from 8.6% year-on-year to 7.0%. The decrease in the amount and as a percentage of income was mainly attributable to a decrease in expenditure on employee benefits.