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Just Eat Takeaway reports sales of 3 billion euros with its US business Grubhub

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Just Eat Takeaway.com NV wrote down the value of its US-based Grubhub unit by 3 billion euros ($3.1 billion) amid falling stock market valuations and rising interest rates, a sign of the troubles the company is facing was after it was acquired for about $7.3 billion last year.

The Amsterdam-based company also reported that orders slowed in the first half of the year after customers returned to restaurants and shops following the Covid-19 lockdown. Total orders on its platform fell 6.8% from the same period last year to 509.4 million, the company said in a statement on Wednesday.

Just Eat struggled in the first half of the year, announcing plans to cut employees in France and curb growth plans. Delivery companies are grappling with slowing growth across the industry. Rival Deliveroo Plc lowered its estimates for order growth this year and Gopuff said in July it was closing warehouses and shedding jobs.

Still, the cuts helped the company make progress toward profitability goals.

“Our path to profitability is accelerating,” Chief Executive Officer Jitse Groen said in the statement. He added that the company expects to post adjusted earnings across its business in 2023, with the top three regions hitting that threshold last quarter.

https://www.independent.ie/business/world/just-eat-takeaway-records-3bn-hit-on-its-us-grubhub-business-41886770.html Just Eat Takeaway reports sales of 3 billion euros with its US business Grubhub

Fry Electronics Team

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