Meituan snaps losing streak with profitable June quarter though Douyin threat looms

On-demand delivery giant Meituan swung back to profitability in the second quarter as China’s price war in food delivery cooled, allowing the company to scale back subsidies and target higher-value customers. Beijing-based Meituan posted an adjusted net profit of 2.5 billion yuan (US$372 million) for the June quarter, snapping a three-quarter losing streak according to its earnings report on Friday. The figure beat average analyst forecasts of 340 million yuan compiled by Bloomberg. Revenue rose