Just Eat Takeaway reported a drop in orders in the third quarter. The meal delivery platform is pursuing new partnerships, including Amazon, but continues to lose ground.
Less takeout everywhere
The number of orders at Just Eat Takeaway fell by 6% to 211.1 million euros in the latest quarter. A particularly large drop of 11% was recorded in the United States, despite the renewal of the partnership with Amazon at the beginning of the year. The total gross value of orders amounted to 6.3 billion euros, below analysts’ expectations. 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, Northern Europe, the UK and Ireland have largely maintained their ‘positive momentum’. These countries now account for around 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 financial expectations for 2024: excluding North America, CEO Jitse Groen expects gross transaction value growth (GTV) 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.