Shares Of GrubHub Soared Higher After This
GrubHub, the food delivery giant, just saw shares climb 19% after the company reported first quarter earnings. The company saw a surge in “active diners” which are a big measurement when it comes to the company’s ability to attract new customers.
In Q1, Grubhub saw a 26% jump in active diners with the number reaching 8.75 million from 6.97 million a year ago.
First quarter profits came in at 29 cents per share on revenue of $156.1 million. This beat the estimate of 24 cents on a share with $153 million in revenues according to analysts polled by Thomson Reuters.
“More new diners tried Grubhub than ever before in the first quarter,” said CEO Matt Maloney in a statement.
Disclaimer: We have no position in GrubHub Inc. (NYSE: GRUB) and have not been compensated for this article.