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Amsterdam's Just Eat Takeaway Reports Home Delivery Order Surge Due To Pandemic Resurgence: Reuters

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Amsterdam's Just Eat Takeaway Reports Home Delivery Order Surge Due To Pandemic Resurgence: Reuters
  • Amsterdam-based food delivery company Just Eat Takeaway.com’s orders surged by 79% in the first quarter of 2021, nearly double its growth estimates of over 42% due to the pandemic induced boom in home eating in Britain and other markets, Reuters reports.
  • The company, which suffered a loss last year, expected order growth for the rest of 2021 despite the ease in the pandemic restrictions.
  • Britain had been a great market on the heels of the $7.8 billion acquisition of Just Eat in April 2020, stated CEO Jitse Groen.
  • Just Eat Takeaway.com bagged 63.8 million orders in Britain in the first quarter, growing 96% year on year from Takeaway and Just Eat’s joint orders. Higher food delivery services by restaurants for takeout meals further contributed to the demand surge.
  • Takeaway stock had plummeted after its March 31 IPO. 
  • Just Eat competes with smaller rivals Uber Technologies Inc (NYSE: UBER)-owned Uber Eats and Deliveroo Holdings PLC (OTC: DROOF) in Britain.
  • Takeaway has not issued an earnings outlook, and its first-quarter earnings are due on May 12. However, the company has prioritized market share over profitability.
  • Takeaway reported a net loss of €151 million for March 2020.
  • Takeaway expected the consummation of its $7.3 billion proposed acquisition of U.S. peer GrubHub Inc (NYSE: GRUB) by the first half of 2021.
  • Yesterday, UBER reported the highest monthly level of total gross bookings for march 2021.
 

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