By Yifan Wang
Meituan Dianping said its first-quarter net loss widened from a year earlier, as the coronavirus pandemic crippled both its revenue and profitability.
Net loss was 1.58 billion yuan ($221.6 million), compared with a loss of CNY1.43 billion in the same period last year, said the Chinese internet firm, known for its food-delivery business.
Revenue fell 13% to CNY16.75 billion, mainly dragged by the in-store, hotel and travel segment, whose sales slumped 31% during the quarter.
Operating margin weakened by 3.4 percentage points to negative 10.2%, Meituan Dianping added.
The company expects the negative impact of the public health crisis to persist through the rest of the year, as remaining pandemic-control measures curb offline consumption, while a number of its platform's merchants may have to shut down amid economic weakness.
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