Just Eat Takeaway reported its half-year earnings on Wednesday, which saw weaker earnings after the company posted a loss.
Revenue for the online delivery service came in at €2.8 billion, a 7% increase from the previous year. Meanwhile, its Adjusted EBITDA was at a loss of €134 million, compared with a loss of €189 million a year earlier.
The company stated that its Northern Europe segment remained highly profitable, and North America, the UK, and Ireland’s EBITDA was positive in Q2.
“After a period of exceptional growth, Just Eat Takeaway.com is now two times larger than it was pre-pandemic,” Said Jitse Groen, CEO of Just Eat Takeaway.
Groen continued, “Whilst this growth required significant investment, we have continued to focus on executing our strategy to build and operate highly profitable food delivery businesses.”
Furthermore, the company is actively exploring the partial or full sale of GrubHub, which it bought in 2021 for $7.1 billion.
Finally, Just Eat reiterated its outlook for FY 2022. The company expects Adjusted EBITDA margin to be in the range of -0.5% and -0.7%. In addition, the company also expects to reach positive Adjusted EBITDA in FY 2023 and the long-term objectives to remain unchanged.
Did somebody say Just Eat?
Similarweb data shows us the usage rank for Just Eat’s app on Android. Over the past 28 days, its usage has decline quite significantly. Furthermore, its website traffic has fallen over the last three months. Inflation may be the cause for Just Eat’s declining traffic, and over time this may lead to a decrease in profits.
Shares of Just Eat have risen 4.56% on Wednesday after the report.