Just Eat Takeaway.com NV saw customers place fewer orders than expected in its latest quarter amid rising living costs and a slowdown in growth for the online food sector.
(Bloomberg) — Just Eat Takeaway.com NV saw customers place fewer orders than expected in its latest quarter amid rising living costs and a slowdown in growth for the online food sector.
The total value of orders placed on Amsterdam-based Just Eat’s platform during the fourth quarter was €7.11 billion euros ($7.67 billion), the company reported on Wednesday, compared to an average analyst estimate of €7.31 billion.Â
Orders fell 12% in the fourth quarter to 239.8 million, missing the estimate of 261 million orders in a Bloomberg survey.Â
The Amsterdam-based firm said it expects to deliver a positive adjusted earnings before interest, taxes, depreciation and amortization of €225 million in 2023. Just Eat expects growth in 2023 to be skewed towards the end of the year.
Read More: Just Eat Takeaway Records 3 Billion-Euro Hit on Grubhub (1)
Just Eat Takeaway’s recent efforts to consolidate has seen it partner with UK supermarket J Sainsbury Plc, Turkish startup Getir Perakende Lojistik A.S. and Domino’s Pizza Inc. Food delivery firms saw their shares collapse this year, with investors turned off by their steep losses at a time when borrowing costs soared. Their growth slowed significantly this year as pandemic-fueled sales waned and companies cut back on promotions.
Just Eat said it continues to actively explore a partial or full sale of its US-based Grubhub unit.
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