Food-Delivery Billionaires See Fortunes Swoon as Pandemic Ebbs

Early in the pandemic, as locked-down diners turned to ordering online, a new type of billionaire emerged: the food-delivery magnate. The three co-founders of San Francisco-based DoorDash Inc each amassed fortunes of US$2.5bil (RM10.98bil) or more. Jitse Groen, who started European rival Just Eat Takeaway.com, racked up a US$1.5bil (RM6.59bil) fortune. Those riches now seem …

WHY GIG WORKERS ARE CHOOSING TO TRANSPORT PEOPLE INSTEAD OF PIZZA

People who drive for a living want flexible schedules and help paying for gas, which is why many are choosing to transport people instead of food.  That’s according to a new study from financial services firm BTIG, which surveyed 300 Uber and Lyft drivers in an effort to understand what might be causing the shortage …

DoorDash sees tepid Q2 for Wolt as it completes $3.5 billion takeover

AMSTERDAM (Reuters) – U.S. food delivery firm DoorDash forecast a slowdown in second-quarter orders at Wolt Enterprises from the start of the year as it completed the $3.5 billion purchase of the European business in the midst of a cost-of-living crisis. The all-share deal to buy Helsinki-based Wolt had been worth more than $8 billion …

Just Eat Takeaway to wipe £5bn off Grubhub valuation

Takeaway giant struggles to sell US arm as markets collapse Just Eat Takeaway has lost more than three quarters of its value on the stock market since September Just Eat Takeaway’s sale of Grubhub has been thrown into disarray as bosses prepare for a multibillion-pound writedown on the US business in what could go down …

Restaurants’ Share Of Food-Dollar Grows To Record 54.9% In April

Restaurants continued to increase their share of spending in April, reaching 54.9% of the food dollar, according to U.S. Census data released Tuesday. That was a 260-basis-point increase from April last year, when the share was 52.3%, said analyst Mark Kalinowski, president and CEO of New Jersey-based Kalinowski Equity Research LLC. “Even more impressively, as …

Doordash Takes Huge Bite Out of Competition with Nearly 300% Increase in Purchases, Say Emburse Expense Data

LOS ANGELES & PORTLAND, Maine–(BUSINESS WIRE)–To mark national Hamburger Month (celebrated each May) Emburse, a global leader in spend management solutions, analyzed transaction data from almost three million meal purchases to discover which food and restaurant brands corporate America’s employees visit the most. The results can be found in the latest SpendSmart report. “The huge increase in both …

3 Red Flags in DoorDash’s Q1 Report

Food delivery company DoorDash (DASH 5.49%) released its latest quarterly results on May 5. The good news was the business continued to generate strong growth with revenue rising 35% year over year to $1.46 billion. The company is incentivizing its Dashers less A key metric DoorDash reports is “gross order value” (GOV) on its marketplace, which represents the total …

Pizza has a delivery problem

Pizza places have always been experts when it comes to delivery, flexing with remote drop-offs and robot delivery cars. But now they’re facing a problem: not enough drivers. In early March, Domino’s then-CEO Ritch Allison warned that a driver shortage would be a drag on business. “Delivery driver staffing may remain a significant challenge in the near term,” he …

NYC restaurants yawn at Grubhub’s citywide ‘free lunch’ promotion

Grubhub is offering to pick up the tab for lunch across New York City next week — and restaurants are yawning. The barrage of freebies from food delivery companies — including rivals UberEats and Doordash, as well as grocery apps like Getir, Gopuff and Gorillas that deliver items within minutes — is reaching new heights, …

Waitr posts $77M loss in first quarter of 2022 due to $67M ‘goodwill impairment’ tied to stock price

Delivery app Waitr posted a loss of more than $77 million in the first quarter of 2022, though it attributed a $67 million chunk of the shortfall to a “goodwill impairment” tied largely to its paltry stock price, according to the company’s latest earnings report. For comparison, the Lafayette-based delivery app posted a $3.7 million loss …