Shares of U.S-based restaurant pick-up and delivery firm GrubHub (GRUB) moved higher on Wednesday after its European merger partner Just Eat Takeaway.com reported that first half revenues increased 44% compared to the same period in 2019 with the pandemic fallout driving double-digit growth in its main markets.
The firm anticipates strong order growth throughout 2020. GRUBHUB-JUST EAT TO COMBINE: In early June, Just Eat Takeaway announced that it had agreed to buy GrubHub for $7.3B, expanding its network to the United States. Ride hailing firm Uber (UBER) was also in the running for GrubHub earlier this year in a move to eclipse market standout DoorDash.
“Just Eat Takeaway.com is in the fortunate position to benefit from continuing tailwinds, with the U.K., Germany, Canada, the Netherlands, Australia, and Brazil performing particularly well,” said chief executive Jitse Groen in a statement at the time.
Uber recently said second quarter revenue from its delivery business doubled year-over-year. PRICE ACTION: Shares of GrubHub are up are off earlier highs, still up approximately 5% to $77.31.