Meituan Posts First Loss in Three Years as Food-Delivery War Rages

Chinese food-delivery giant Meituan 3690 -1.44%decrease; red down pointing triangle swung into the red for the first time in nearly three years, buckling under the costs of a brutal price war.

The Beijing-based company on Friday reported a third-quarter net loss of 18.63 billion yuan, equivalent to $2.63 billion, compared with profit of 12.86 billion yuan a year earlier. Revenue rose 2.0% to 95.49 billion yuan.