Just Eat vows profit in 2023, shares rise

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STORY: Just Eat Takeaway.com says it is still on course to make a profit in 2023.

Investors were happy Wednesday (August 3) with the food delivery company's focus on profitability.

The firm also promised to spend less on costs, like a recent commercial featuring pop icon Katy Perry.

Marketing spend went up by 40% to about $421 million in the first half from a year before.

Some of it was on the Perry ad, but the company also spent big on U.S. subsidiary GrubHub and football sponsorship.

It reported a smaller loss for the first half of the year, with adjusted earnings before interest and taxes of negative $136.2 million

That's better than a year before, where it made a loss of around $192 million.

Just Eat Takeaway.com still forecasts that deliveries will grow going forward.

It said the company's earnings would improve in the second half, and turn positive next year.

The company is also still exploring a full or partial sale of GrubHub.

It only bought the company last year for more than $7 billion.

Just Eat shares were up around 5% Wednesday, though they are down 60% year-to-date.

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