Amsterdam's Just Eat Takeaway Reports Home Delivery Order Surge Due To Pandemic Resurgence: Reuters

Anusuya Lahiri

Tue, Apr 13, 2021, 8:27 AM1 min read

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Amsterdam-based food delivery company Just Eat Takeaway.com’s orders surged by 79% in the first quarter of 2021, nearly double its growth estimates of over 42% due to the pandemic induced boom in home eating in Britain and other markets, Reuters reports.
The company, which suffered a loss last year, expected order growth for the rest of 2021 despite the ease in the pandemic restrictions.
Britain had been a great market on the heels of the $7.8 billion acquisition of Just Eat in April 2020, stated CEO Jitse Groen.
Just Eat Takeaway.com bagged 63.8 million orders in Britain in the first quarter, growing 96% year on year from Takeaway and Just Eat’s joint orders. Higher food delivery services by restaurants for takeout meals further contributed to the demand surge.
Takeaway stock had plummeted after its March 31 IPO.
Just Eat competes with smaller rivals Uber Technologies Inc (NYSE: UBER)-owned Uber Eats and Deliveroo Holdings PLC (OTC: DROOF) in Britain.
Takeaway has not issued an earnings outlook, and its first-quarter earnings are due on May 12. However, the company has prioritized market share over profitability.
Takeaway reported a net loss of €151 million for March 2020.
Takeaway expected the consummation of its $7.3 billion proposed acquisition of U.S. peer GrubHub Inc (NYSE: GRUB) by the first half of 2021.
Yesterday, UBER reported the highest monthly level of total gross bookings for march 2021.

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Amsterdam's Just Eat Takeaway Reports Home Delivery Order Surge Due To Pandemic Resurgence: Reuters

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