Chinese movie ticketing and services firm Meituan Dianping has posted a net loss of 83.3 billion yuan (£9.4bn/€10.6bn/$12bn) for the third quarter of the year.
It comes after the company in September became one of China’s most valuable companies within hours of being floated in Hong Kong.
The Tencent-backed firm offers online tickets as well as food delivery and hotel booking to more than 300 million customers. September’s stock surge saw its value soar to more than $50bn.
However, the Reuters news agency reported that its net loss of 83.3 billion yuan for the third quarter is far greater than the previous year. Meituan Dianping’s revenue for three months to September 30 did rise by 97.2 per cent to 19.09 billion yuan but the firm’s operating loss nearly tripled to 3.45 billion yuan.
According to CNBC, the results have seen Meituan Dianping’s shares dive by 11.79 per cent today (Friday), with shares of Tencent Holdings also falling by 1.29 per cent.