November 22, 2018 / 9:05 AM / 20 days ago

Meituan Dianping Q3 net loss widens in first earnings after IPO

SHANGHAI, Nov 22 (Reuters) - China’s Meituan Dianping , an online food delivery-to-ticketing services firm that raised $4.2 billion in an IPO in September, said on Thursday it booked a net loss of 83.30 billion yuan ($12.01 billion) for the third quarter, far greater than a year earlier.

The firm, a so-called “super app” backed by domestic tech giant Tencent Holdings Ltd, also said revenue for three months to Sept. 30 rose 97.2 percent to 19.08 billion billion yuan. However, operating loss nearly tripled, hitting 3.45 billion yuan

The results, the first since its listing, underscore the challenges facing the firm amid a battle with rivals including Alibaba Group Holding Ltd’s delivery platform Ele.me and ride-hailing firm Didi Chuxing, backed by Japan’s SoftBank Group Corp. ($1 = 6.9347 Chinese yuan renminbi) (Reporting by Adam Jourdan; Editing by Christopher Cushing)

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