Meituan pared losses in Q1 as cost controls gain traction

A more “disciplined” Chinese food delivery and services platform Meituan is seeing the effects of its belt-tightening pay off as shown in its first quarter earnings results released Thursday.

Meituan’s adjusted net loss narrowed to RMB 1.04 billion (around $150.5 million) in Q1 compared with RMB 1.86 billion in the quarter ended December 31, 2018.

Improvement in the operating margin of core businesses and ongoing efforts to streamline new initiative operations were primary drivers for the smaller loss, the company said.

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