Source: Tech – South China Morning PostChina’s food-delivery giant Meituan swung to a deep quarterly loss, as a costly battle with Alibaba Group Holding’s instant commerce business eroded margins and kept revenue growth modest.
The Beijing-based company on Friday reported revenue of 95.5 billion yuan (US$13.3 billion) for the three months to September, up 2 per cent year on year, missing analysts’ estimates of 97.5 billion yuan.
However, it booked an operating loss of 19.8 billion yuan, compared with a 13.7 billion yuan operating…Read More