On Wednesday, Just Eat Takeaway released its third-quarter results, which showed the company had returned to profit faster than anticipated as efforts to reduce expenditures offset a drop in order volume.
The group posted gross transaction value up 2% in the quarter, which the company believed reflected higher menu prices despite a weakening in order numbers.
Furthermore, Just Eat said EBITDA was positive in the third quarter and ahead of guidance issued at the start of the year.
However, order numbers remained under pressure as consumers cut spending due to the rise in inflation.
“After two years of significant investment following the merger and the pandemic, I am pleased that Just Eat Takeaway.com has returned to profitability earlier than anticipated,” said Jitse Groen, CEO of Just Eat.
Groen added that despite the challenging consumer backdrop, Just Eat remains “well positioned to capture profitable future growth.”
Just Eat shares are currently up 0.99% but have faced a turbulent year, with its share price tumbling 67% in 2022.