Meituan reports Q2 revenue up 11.7% YoY to ~$12.8B and net income down 97% YoY to ~$51M, blaming "irrational competition" in the Chinese food delivery market (Bloomberg)

Read post on techmeme.com

Bloomberg:Meituan reports Q2 revenue up 11.7% YoY to ~$12.8B and net income down 97% YoY to ~$51M, blaming “irrational competition” in the Chinese food delivery market  —  Meituan's profit got wiped out in a price-based battle with rivals Alibaba Group Holding Ltd. and JD.com Inc. …