Brief: Meituan Dianping’s Q2 Results
Meituan Dianping, the Chinese e-commerce company, has reported its financial results for the second quarter of this year, revealing RMB 24.7 billion ($3.6 billion) in revenues and operating profit of RMB 2.2 billion ($320 million). Revenue is up 8.9% year-over-year while operating profit is up 96%. As of the end of the second quarter, Meituan Dianping had RMB 13.9 billion ($2 billion) in cash and RMB 44.5 billion ($6.4 billion) in short-term investments on its balance sheet.
Meituan had a strong quarter, bolstered by a coronavirus pandemic that significantly affected China and largely drove up the demand for e-commerce services in the country. On the heels of the pandemic, Meituan worked actively to help brick-and-mortar merchants to whether the storm via digital sales. Meituan’s main business comes from food delivery, a very large market in China.