Shares of the online delivery company, which also owns Seamless, soared Wednesday thanks to strong earnings. Grubhub (GRUB) stock surged nearly 25% to a new record high.
Despite competition from the likes of DoorDash, Uber Eats and even the formidable Amazon (AMZN), Grubhub continues to wow investors with its impressive growth. Sales were up more than 50% in the second quarter and earnings more than doubled.
Grubhub is also partnering with more big national restaurant chains as well as local eateries. The company announced a deal with KFC, Taco Bell and Pizza Hut owner Yum! Brands (YUM) earlier this year. Yum! bought a stake in Grubhub.