Source: China – South China Morning PostChinese on-demand local services giant Meituan saw second-quarter earnings fall, as it faced off against Alibaba Group Holding and JD.com in a costly instant delivery price war.
Beijing-based Meituan on Wednesday reported weaker-than-expected revenue of 91.8 billion yuan (US$12.8 billion) in the quarter ended June 30. That was up 11.7 per cent from 82.2 billion yuan a year earlier, but fell short of the 93.7 billion yuan estimate by analysts.
Net profit for the period tumbled 96.8 per cent to…Read More