Tencent reports Q3 revenue down 2% YoY to ~$19.8B, below ~$20B estimates, and plans to distribute most of its ~$20B Meituan stake to shareholders as a dividend (Josh Ye/Reuters)

Jane Zhang / Bloomberg:
Meituan reports Q3 revenue up 28.2% YoY to ~$8.7B and ~$170M in profit, as its “core local commerce” segment, including food delivery and hotels, rose 24.6% YoY  —  Meituan posted a 28% surge in revenue, affirming resilient demand in China for takeaway from people confined to home during the pandemic.

Shaji Mathew / Bloomberg:
Saudi Arabian food delivery service Jahez agrees to acquire local rival The Chefz for ~$173M in a cash and stock deal  —  Saudi food delivery firm Jahez agreed to acquire The Chefz in a cash and stock deal, almost a year after Delivery Hero SE’s attempt to buy the firm was thwarted by the local competition watchdog.

Manish Singh / TechCrunch:
Amazon will shut down its food delivery business in India on December 29, after launching it in May 2020 in Bengaluru, as part of a broader restructuring  —  Amazon will shut down its food delivery business in India by the end of the year, the retailer said Friday, retreating from a vertical it entered less than three years ago.

Bettina Makalintal / Eater:
Instagram food photography is becoming more realistic, driven by generational changes, more diverse food creators, and a frustration with the curation culture  —  The food blogger aesthetic has given way to something more realistic and DIY: Laissez-faire Instagram food is here

Yuvraj Malik / Reuters:
Mobileye reports Q3 revenue up 38% YoY to $450M, beating $447M estimates, and a $45M net loss, up from $26M YoY, in its first post-IPO earnings  —  Mobileye Global Inc (MBLY.O) beat estimates for revenue on Wednesday in its first quarterly report after going public in October, as the Intel Corp …

Hunter Walk:
Adobe’s $20B Figma deal is worth it because Figma’s $400M ARR, independent of margin, was continuing to double and creating pricing pressure on Adobe  —  Hint: The Answer Doesn’t Involve a Spreadsheet  —  I’m not an investor in Figma.  I don’t know Figma CEO Dylan Field.  And I’m not a designer.