Meituan shares tumbled the most in more than a year after the Chinese company warned that growth in its main meal delivery business would slow this quarter and spending on promotions rise.

Chief Financial Officer Chen Shaohui expects diners to take advantage of atypically warm weather to dine out, rather than order in. That prediction, based also in part on a difficult comparison with a strong late-2022 market, came after the company reported its third straight quarterly profit off slightly better than-expected revenue.