- REUTERS/Lucas Jackson
After five rough quarters, Grubhub might finally be on the rise.
The food delivery company’s stock is up more than 27% this morning, trading at $39.17 per share.
Grubhub’s second-quarter revenue increased 37% year-over-year to $120.2 million. Earnings, excluding certain items, were 23 cents per share, ahead of Wall Street estimates of 19 cents per share.
That’s quite a difference from the last few years, where Grubhub has seen its order growth rapidly decline in the face of mounting competition from food delivery companies UberEATS and Postmates.
According to analysts at Cowen and Company, Grubhub’s strong second quarter was driven by a better tech platform and mobile app, a better selection of couriers and higher spending in advertising.
- Cowen and Company