Grubhub shares slumped on Tuesday, after the online food ordering & delivery company reported adjusted second-quarter earnings that missed analysts' estimates.
The company’s earnings came in at 1 cent a share in the second quarter, down -96% from 33 cents a share in the year-earlier quarter. Consensus estimates among analysts surveyed by FactSet was 6 cents a share.
Grubhub reported adjusted net income of 27 cents a share, also lower than the 30 cents expected by analysts. Adjusted earnings per share was 50 cents a year earlier.
Total costs and expenses rose +55.3% to $318.9 million.
However, the company’s revenue for the quarter surged +36% to $325.1 million, beating analysts’ estimate of $318.2 million.
Grubhub said that active users of its website increased +30% to 20.3 million, and daily average orders went up +16% to almost 489,000.
Looking ahead, the company expects revenue of $320 million to $340 million for the third quarter, compared to FactSet's consensus expectation of $331.7 million.