Just Eat Takeaway.com posts smaller loss than expected, to exit Norway
March 2 (Reuters) - Just Eat Takeaway.com , Europe's largest meal delivery company, reported a smaller-than-expected full-year core loss of 350 million euros ($389 million) on Wednesday and said it would exit Norway and Portugal.
Analysts had forecast a loss before interest, taxes, depreciation and amortization (EBITDA) of 366 million euros for 2021, compared with an EBITDA profit of 363 million euros in the previous year. Revenue rose 34% to 5.33 billion euros.
"After a period of significant investment, and with adjusted EBITDA losses having peaked in the first half of 2021, the company is now rapidly progressing towards profitability," Chief Executive Officer Jitse Groen said in a statement.
The company reported figures as if it had owned its U.S. GrubHub subsidiary, which it bought for $7.3 billion in June, in both years.
Net loss was 1.04 billion euros, up from a loss of 151 million euros a year earlier. The company said it had 1.3 billion euros in cash on its balance sheet, as of Dec. 31.
The company said its cash position, intention to sell its stake in iFood in Brazil, which has been valued as worth more than 2 billion euros, and intention to "seek a strategic partner" for GrubHub "provide a solid foundation for the future."
The company said Norway and Portugal, the countries it is leaving as of April 1, had generated EBITDA loss of about 10 million euros annually.
Takeaway's shares have fallen 28% so far in 2022 and were down 3.5% at 34.60 on Tuesday, far below their all-time high above 109 euros hit in October 2020.
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Hou m'n totale positie. Gewoon conform verwachting deze cijfers.
Just Eat is heel gunstig geprijst ivm Doordash en Uber eats.
Consolidatie in sector.