Grubhub Reports 24% Jump in 'Active Diners,' but $33 Million Net Loss
Food delivery service Grubhub (NYSE: GRUB) is recovering slightly today after being down more than 12.5% in trading yesterday following its first-quarter 2020 results. Though the pandemic made home delivery soar across the industry, Grubhub posted a net loss of $33.4 million for the quarter, a sharp drop from the $6.9 million in net income it reported in Q1 2019.
According to its earnings results, revenue actually rose 12% year over year, climbing to $362.9 million compared to last year's $323.7 million in Q1. The earnings slightly beat FactSet analyst consensus estimates, which pegged the company's likely revenue at $358.1 million, and exceeded Grubhub's own $360 million forecast.
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Source Fool.com
