Grubhub Inc. (NYSE: GRUB) topped revenue estimates for the fourth quarter of 2019 while adjusted net loss came in wider-than-expected. Shares climbed over 3% in aftermarket hours on Wednesday.
Total revenues increased 19% year-over-year to $341.3 million, beating forecasts of $325 million.
GAAP net loss was $27.7 million, or $0.30 per share compared to $5.2 million, or $0.06 per share, in the prior-year period. Adjusted loss was $4.2 million, or $0.05 per share. Analysts had projected a loss of $0.04 per share.
Adam DeWitt, President and CFO, said, “We continue to innovate the online takeout industry with our recent launch of Grubhub Ultimate, a revolutionary, first-of-its-kind proprietary hardware and software solution that integrates all restaurant ordering channels into one system. Grubhub Ultimate is an important step in helping unlock the pickup market, which accounts for the majority of the more than $250 billion takeout industry. We remain confident our overall strategy will deliver sustainable value for all of our stakeholders and the team is determined to continue to execute and build on the early wins.”
During the quarter, the number of active diners increased 28% year-over-year to 22.6 million. Daily Average Grubs rose 8% to 502,600. Gross food sales grew 13% to $1.6 billion.
For the first quarter of 2020, Grubhub expects revenue to be $350-370 million. For the full year of 2020, revenue is expected to be $1.4-1.5 billion.
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