China food delivery giant Meituan reports 10bn yuan loss after paying antitrust fine squib

Meituan, operator of China’s largest food delivery and on-demand local services platform, reported a worse than expected loss in the third quarter, after swallowing a fine by China’s antitrust regulators, while its revenue of 48.8 billion yuan was in line with forecasts.The Beijing-based company incurred a net loss of 10 billion yuan (US$1.565 billion), missing analysts’ estimates for a 7 billion yuan loss. That compared with a 6.3 billion yuan profit in the period a year earlier. Revenue rose…
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