AMSTERDAM (Reuters) – Just Eat Takeaway.com NV, Europe’s largest meals delivery company, said in a trading update on Wednesday that orders fell by a worse-than-expected 12% in the fourth quarter of 2022, with a 16% drop at its U.S. Grubhub division.
The company, however, said it was profitable at the operating level for the full year 2022 and expects to remain so in 2023.
Fourth-quarter orders fell 12% to 239.8 million, compared with expectations for an 8% fall among analysts polled by Refinitiv. Gross Transaction Value (GTV), which measures total value of merchandise sold on Takeaway’s platform, fell by 2% to 7.11 billion euros ($7.67 billion), in line with estimates.
The company said it had earnings before interest, taxes, depreciation and amortization (EBITDA) of around 16 million euros for the full year 2022, swinging from a loss of 350 million euros marked in 2021. And it forecast an EBITDA of 225 million euros for 2023.
($1 = 0.9272 euros)
(Reporting by Toby Sterling; Editing by Sherry Jacob-Phillips)
