Food Delivery Giant Meituan Q1 Defies Covid Headwinds with More Than Doubled Grocery Orders

"Our businesses, especially food delivery, in-store and hotel booking will continue to face short-term headwinds on the back of the resurgence of COVID cases and the weaker macro environment,” the Chief Financial Officer Shaohui Chen confided. However, Chen expressed optimistic as his company expected short-term impacts were temporary and growth of all of businesses would resume normal in post strict pandemic control periods.

Last week, Alibaba and Baidu showed their outperforming the Wall Street forecast both the top and the bottom line. Alibaba’s revenue topped the ysts’ projection, though its 8.9% YoY growth was the slowest since its U.S. listing in 2014. Baidu’ revenue edged up 1% YoY and the non-networking segment see a more robust growth of 35% in revenue, driven by cloud and other artificial intelligence (AI) businesses as sales of Baidu AI cloud jumped 45% yearly.

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