News

GrubHub reports drop in quarterly profit as costs increased

(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

Recent posts

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular