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 (Jane Zhang/Bloomberg)

Josh Ye / Reuters:
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  —  Tencent Holdings (0700.HK) on Wednesday said it would distribute most of its stake worth $20.3 billion in food delivery firm Meituan …

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.

Jane Zhang / Bloomberg:
Alibaba reports Q3 revenue up 3% to ~$29B, slightly above estimates, and a surprise ~$2.9B net loss, compared to an expected ~$2.6B profit  —  Alibaba Group Holding Ltd. reported a surprise loss after quarterly revenue barely grew, as China’s rigid Covid controls continue to sap consumer sentiment.

Jane Zhang / Bloomberg:
JD.com reports Q3 revenue up 11% YoY to $34.2B, narrowly beating estimates, and ~$843M net income, reversing a ~$394M loss in Q3 2021  —  JD.com Inc. reported higher sales last quarter after shoppers kept spending at China’s second-largest online retailer despite an economic downturn.

Adnan Bhat / Rest of World:
Experts: India’s TikTok clones like Moj and Josh have failed to replicate TikTok’s success, and Instagram and YouTube will take over India’s short-video segment  —  Creators are instead gravitating toward Instagram and YouTube, which may eventually be the winners in the Indian short-video segment.

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