Just Eat Takeaway makes profit in Q3 on cost cutting drive

By Diana Mandia and Dagmarah Mackos

(Reuters) -Just Eat Takeaway.com, Europe’s largest meal delivery company, said on Wednesday it made an underlying profit in the third quarter, sooner than expected, after cutting expenses on delivery costs and operations.

The average value of orders, known as gross transaction value (GTV), a common measure for e-commerce companies, rose 2% in the quarter, reflecting higher prices on menus, but the number of orders weakened, a trend expected by analysts.

The group said in September it expected to have positive earnings before interest, taxes, depreciation and amortisation (EBITDA) in the second half of the year.

Although the consumer backdrop will likely be challenging due to the economic environment, Takeaway.com is well-capitalised through the planned sale of the Brazil’s iFood stake, chief executive Jitse Groen said in a statement.

The company will hold an extraordinary shareholders meeting on Nov. 18 to vote on the deal worth $1.8 billion, it said.

The results come after a tumultuous year for the company, which has been under pressure from investors to revive its shares amid stiff competition and a fading pandemic boost. Its stock has lost almost 70% of its value this year.

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