Just Eat orders drop in latest quarter amid online food slowdown

Just Eat food delivery service saw customers place fewer orders than expected in its latest quarter amid rising living costs and a slowdown in growth for the online food sector.

The total value of orders placed on Amsterdam-based Just Eat’s platform during the fourth quarter was €7.1bn, the company reported, compared to an average analyst estimate of €7.3bn.

Orders fell 12% in the fourth quarter to 240m, missing the estimate of 261m orders in a Bloomberg survey.

The Amsterdam-based firm said it expects to deliver a positive adjusted earnings before interest, taxes, depreciation and amortization of €225m in 2023. 

Just Eat expects growth in 2023 to be skewed towards the end of the year.

Just Eat Takeaway’s recent efforts to consolidate has seen it partner with UK supermarket Sainsbury, Turkish startup Getir Perakende Lojistik and Domino’s Pizza. 

Food delivery firms saw their shares collapse this year, with investors turned off by their steep losses at a time when borrowing costs soared. Their growth slowed significantly this year as pandemic-fueled sales waned and companies cut back on promotions.

Just Eat said it continues to actively explore a partial or full sale of its US-based Grubhub unit.


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