Meituan beats Q2 estimates with slowest growth in two years

BEIJING, Aug 28 (Reuters): Chinese food delivery company Meituan on Friday reported a 16.4 per cent rise in quarterly revenue from a year earlier, its slowest quarterly growth in two years, but better than analysts' estimates.
China experienced a rise in COVID-19 cases in March and April that prompted lockdowns in several cities, including the commercial hub Shanghai, disrupting supply chains and businesses and hitting consumer spending.
The curbs forced many vendors to shut.
Revenue nevertheless rose to 50.94 billion yuan ($7.42 billion) for the quarter ended in June, beating the 48.59 billion yuan expected on average by 14 analysts, Refinitiv Eikon data showed.