MEITUAN Dianping’s shares soared after it reported a smaller than expected 13% slide in revenue that drove hopes the world’s largest meal delivery business is starting to recover as China emerges from Covid-19 lockdowns.
Sales fell 12.6% to 16.8 billion yuan ($2.4 billion) in the three months ended March, surpassing the 15.6 billion yuan average of estimates. It also reported a lower-than-projected net loss of 1.58 billion yuan after three successive quarters of profit.
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