By Yi Wei Wong

 

Chinese online platform Meituan said its net loss narrowed significantly in the fourth quarter, beating analysts' expectations.

Meituan reported that its net loss narrowed to 1.08 billion yuan ($158.4 million) from CNY5.34 billion a year ago.

The result beat a median estimate for a CNY1.31 billion loss by a FactSet poll of analysts.

Revenue for the period rose to CNY60.13 billion from CNY49.52 billion a year earlier, Meituan said Friday.

This also beat FactSet estimates, which tipped for revenue to rise to CNY57.95 billion.

Meituan attributed the higher revenue mostly to strong demand for food-delivery services in December due to the spread of Covid-19.

Food delivery business posted steady, high-quality growth in 2022, with peak daily order volume surpassing 60 million.

This year, Meituan said it aims to expand its product coverage to include more nonmeal categories, such as groceries, daily necessities, medicines and others.

 

Write to Yi Wei Wong at yiwei.wong@wsj.com

 

(END) Dow Jones Newswires

03-24-23 0526ET