(Reuters) – GrubHub Inc reported a drop in quarterly profit on Tuesday, hurt by rising costs, such as the online food delivery company, faces off against a rival Uber, Eat, and DoorDash, sending the stock down 6% in trading before the bell.
Net income attributable to common shareholders decreased to $1.3 million, or 1 cent per diluted share, for the second quarter ended June 30 from $30.1 million, or 33 cents a share, a year earlier.
The revenue, however, increased by 36% to € 325.1 million). The total costs and expenses increased 55.3% to $318.9 million in the quarter.
Reporting by Abhishek Manikandan in Bengaluru; Editing by Saumyadeb Chakrabarty