However, its overall number of orders fell 1%, to 264.1 million. Just Eat reported gross transaction value (GTV) of 7.2 billion euros ($7.8 billion) in the first quarter, up 4% from the same period a year ago. Netflix on Tuesday reported a drop in subscribers in the first quarter, marking the first time it has lost paid users since October 2011. Delivery Hero is down 73% in the last year, while Britain's Deliveroo has fallen 56%.Ĭonsumer habits are changing after two years of intermittent pandemic shutdowns, with demand for online food delivery, streaming services and home fitness machines on the wane. It's not the only food delivery firm having a hard time in the stock market lately. The company has lost more than two thirds of its market value in the past 12 months. Just Eat shares rose over 7% on news of the company's interest in selling Grubhub. In October, activist investor Cat Rock Capital called on Just Eat to sell Grubhub and "refocus its business on Europe." Cat Rock owns about 6.5% of the company.Īlex Captain, founder and managing partner of Cat Rock, said Just Eat 's share price has been "deeply depressed," leaving the company "vulnerable to takeover bids well below its long-term intrinsic value." food ordering platform for $7.3 billion barely a year ago, pipping Uber and Germany's Delivery Hero to a deal after a heated takeover battle. Just Eat completed its acquisition of the U.S. The company has faced growing calls from prominent shareholders to divest its Grubhub division. "Further announcements will made as and when appropriate," it said. Just Eat said it couldn't guarantee such a sale will be agreed, or when it might happen. "As such, management is currently, together with its advisers, actively exploring the introduction of a strategic partner into and/or the partial or full sale of Grubhub." Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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