Home > > Meituan revenue rises 33% in Q2, netting a $644 million profit

Meituan revenue rises 33% in Q2, netting a $644 million profit

08/25/2023| 2:18:45 PM| ChinaTravelNews 中文

In-store, hotel & travel business grew with transaction volume up by over 120%.

Chinese service online booking platform Meituan said its revenue rose more than 33% in the second quarter this year to nearly RMB 68 billion (USD 9.3 billion). The company reported a profit of nearly RMB 4.7 billion (USD 644 million), accounting for 6.9% of revenue.

As offline consumption continued to recover, Meituan's in-store, hotel & travel business grew in the second quarter, with gross transaction volume (GTV) increasing by over 120% compared to the same period last year. 

The company said it enriched the “Hotel+X” package products for leisure travel and vacation scenarios during the peak season. In the high-star domain, it deepened collaborations with more hotel brands, launched more joint-marketing events, optimized the joint-membership programs and improved pricing capability.

Meituan mentioned that it capitalized on the recovery of outbound travel by increasing the supply of overseas hotels, and broadened outbound travel customer base. The company partnered with GDS giant Amadeus in July to allow global hoteliers to connect directly to Meituan and share their availability, rates and inventory - opening their properties to new Chinese travelers.

TAGS: Meituan | financial results | 2023 Q2
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