12/31/2022 0 Comments Uber takeover grubhub![]() Grubhub had a loss of $33.4 million, 36 cents a share, in the first quarter versus a profit of $6.9 million, 7 cents a share, for the same period a year ago. The company reported a 24% increase in what it calls “active diners,” to 23.9 million. “Some of our spend will go toward creating as safe an experience as possible for diners, drivers and restaurants, including protective equipment for our drivers and new processes like contactless pickups and deliveries.” ![]() ![]() “We are spending a little more on advertising, but more so in pricing, discounts and promotions for both restaurants and diners,” Maloney and CFO Adam DeWitt said in letter to shareholders. A ratio of 1.925 would value Grubhub at roughly 62.50 a share, or 6 billion, while a ratio of 2.15 would value the. We hope that the darkest days are behind our restaurant partners and they can start focusing on the recovery,” CEO Matt Maloney said then. Grubhub shares closed at 54.97 Friday, while Uber’s shares closed at 32.47. “Grubhub is using nearly all of our profits in the second quarter to generate as many additional orders for our restaurant partners as possible. Grubhub said it is spending heavily to support restaurant partners during trying times. Grubhub reported a first-quarter loss last week despite revenue that was 12% higher than a year ago. City to require restaurant delivery services to come clean about fees
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