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Including Barcelona-headquartered food delivery firm Glovo, in
which Delivery Hero owns a majority stake, the group expects its
GMV to reach 11.5 billion euros in the three months to Sept. 30.
"Slowdown... what Slowdown? A strong Q3 outlook and positive
comments on profitability – upgrades are coming through,"
analysts at J.P. Morgan commented the trading update in a note
to clients.
The company expects the Asia segment for its platform business,
which accounts for nearly three quarters of the group's GMV, to
generate 7 billion euros in the current three-month period, an
8% increase on the quarter. The segment had also generated
positive core earnings in the second quarter.
Delivery Hero also reiterated its target to reach profitability
for the entire group in 2023.
The widely loss-making food delivery sector was one of the big
beneficiaries of the COVID-19 pandemic, but that effect has
waned as consumers, faced with soaring inflation, have started
to cut back.
In the third quarter of 2021, Delivery Hero had posted a GMV of
9.6 billion euros, a 65% increase year-on-year, boosted by
higher demand for food delivery amid coronavirus restrictions.
The Berlin-based firm confirmed its preliminary figures for the
second quarter, including an 18% GMV growth and a 38% rise in
revenues on the year, and the updated full-year guidance it
issued in July.
($1 = 0.9845 euros)
(Reporting by Tristan Chabba and Elena Vardon in Gdansk, editing
by Milla Nissi)
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