Just Eat Takeaway reported a drop in orders in the third quarter. The meal delivery platform is pursuing new partnerships, including with Amazon, but continues to lose ground.
Less takeout everywhere
The Dutch platform reported a 6 % drop in orders to 211.1 million in the latest quarter, and a particularly large drop of 11 % in the United States – despite the renewal of the partnership with Amazon at the beginning of the year. The total gross value of orders stayed below analysts’ expectations at 6.3 billion euros. This decline reflects a wider trend in the industry, where consumers are reconsidering their spending.
Nevertheless, Just Eat Takeaway remains optimistic about its strategic initiatives. Although the number of orders has fallen in all markets, ‘positive momentum’ is said to remain in Northern Europe, the United Kingdom and Ireland. These countries now account for 60 % of total orders. The platform is also looking to deliver more and more other items, with new partnerships in sectors such as groceries, pharmacies and wellness.
Management is therefore maintaining its expectations for 2024: excluding North America, CEO Jitse Groen expects gross transaction value growth of between 2 and 6 %, with adjusted EBITDA of around 450 million euros. Just Eat Takeaway is also continuing to look for opportunities to sell Grubhub, although this US subsidiary has been up for sale since 2022.
