Meituan Dianping's Job Cuts Reach Nearly 1000

April 13, 2019 10:52 am

Beijing (PingWest) – Meituan Dianping has begun layoffs for the first time in three years. At present, nearly a thousand employees have been laid off. As of April 30, 2018, the company had 46,662 employees.

Meituan Dianping is a leading online food ordering and delivery platform in China, with over 290 million MAUs and 600 million registered users as of April 2018. Also last April, the company acquired bike-sharing firm Mobike for $2.7 billion. Later, on Sep. 20, 2018, Meituan Dianping went public on the Hong Kong stock exchange at an IPO price of $8.8 (69 HKD) per share. 

According to Meituan Dianping's FY2018 financial results, due to the drag of its bicycle sharing service Mobike, the net loss of the firm increased by 57% to $508 million.