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Meituan reports third consecutive quarterly loss as rivalry in food delivery hits margins
CEO Wang Xing says Keeta food delivery business achieved ‘meaningful efficiency gains’ in both Hong Kong and Saudi Arabia in the quarter
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Ben Jiangin BeijingPublished: 5:14pm, 1 Jun 2026Updated: 8:09pm, 1 Jun 2026Chinese food and on-demand delivery giant Meituan reported its third consecutive quarterly loss as competition in the country’s food delivery market appears to be easing but broader rivalry across the local service sector continues to weigh on margins.
Meituan’s revenue in the three months ended March rose 5.6 per cent year on year to 91 billion yuan (US$13.45 billion), the company said in an earnings release on Monday.
The company reported an adjusted net loss of 4.97 billion yuan for the first quarter, although it was narrower than last quarter’s 15 billion yuan loss, due in part to lower spending on food delivery subsidies and improved operating efficiency.Advertisement
During the post-earnings call Meituan co-founder and CEO Wang Xing highlighted the company’s overseas expansion and AI initiatives.
He said the firm’s Keeta food delivery business achieved “meaningful efficiency gains” in both Hong Kong and Saudi Arabia in the first quarter and saw growth across other Middle Eastern markets it had entered, without specifying which markets.
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Keeta has launched services in five Middle Eastern markets, including Saudi Arabia, Qatar, Kuwait, United Arab Emirates and Bahrain, according to its website.
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