Salem Radio Network News Sunday, February 5, 2023

Business

Just Eat Takeaway shares leap 10% on forecast of underlying profit

AMSTERDAM (Reuters) -Just Eat Takeaway.com NV, Europe’s largest online food ordering and delivery company, said on Tuesday it expects to make an underlying profit in the second half of 2022, sooner than previously forecast.

The company’s shares jumped by 10% to 15.74 euros in Amsterdam shortly after the announcement.

Just Eat said in a statement it would have positive earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second half of the year, compared to an equivalent loss of 134 million euros in the same period of 2021.

It had previously guided for a negative margin on the gross transaction value (GTV) on its platform for the full year.

Just Eat said it had made “significant progress” in improving revenue per order and cutting delivery and overhead costs, with managers expecting the company to become profitable “earlier than initially anticipated”.

However, it cut its full-year GTV growth forecast to the low single digits from the mid-single digits, citing macroeconomic conditions and foreign exchange volatility.

Just Eat is due to publish a trading update for the third quarter on Oct. 19.

(Reporting by Toby Sterling; Editing by Kirsten Donovan)

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