Investing.com -- China’s top food delivery company, Meituan, reported an unexpected 18.1% increase in quarterly revenue on Monday, as the company focused on offering value-for-money products and services to budget-conscious Chinese consumers.
Meituan, which operates a versatile app offering a variety of services ranging from bike-sharing to ticket-booking and mapping, disclosed revenue for the first quarter ending March 31.
The company reported a revenue of 86.6 billion yuan ($12.1 billion), a significant increase from the 73.3 billion yuan earned in the same period the previous year.
The company’s strategy to target cost-conscious consumers with affordable products and services has evidently paid off, resulting in a larger-than-anticipated rise in quarterly revenue.
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