Chinese food delivery giant Meituan beats revenue estimates

SHANGHAI (Reuters) – Chinese food delivery giant Meituan posted a bigger than expected 21% rise in second-quarter revenue on Wednesday, defying a slowing Chinese economy.

Meituan, which has an app that provides services as varied as bike-sharing, ticket-booking and maps, reported revenue in the three months to June 30 at 82.3 billion yuan ($11.55 billion), up from 67.9 billion yuan in the same period a year earlier.

That compared with 81 billion yuan average of analyst estimates compiled by LSEG.

($1 = 7.1257 Chinese yuan renminbi)