(Bloomberg) -- Delivery Hero SE said order numbers and revenue approximately doubled in the third quarter as the Covid-19 pandemic drove demand for food-delivery companies.
- The company narrowed its full-year revenue guidance to 2.7 billion euros to 2.8 billion euros ($3.2 billion to $3.3 billion), raising the low end from 2.6 billion euros previously.
- Delivery Hero still expects its bid for control of South Korea's biggest food delivery app, Woowa Brothers Corp., to get regulatory approval this year.
Key Insights
- Third quarter revenue was 776.4 million euros, up from 390.6 million euros a year ago.
- Following its entry into Japan in September, Delivery Hero said it would continue to invest in the local ecosystem and expand to more cities by year end.
- Just Eat Takeaway.com NV, one of Europe's biggest food-delivery firms, similarly said orders rose substantially in the third quarter, up 46% as the company expanded into new markets through acquisitions.
- Even as profits in the competitive industry remain elusive, driving consolidation, online food delivery has been one of the few sectors to benefit from the coronavirus pandemic.
- Customers stuck at home are turning to smartphone apps to order food from restaurants and grocery stores, which, in turn, are relying on delivery to help make up for fewer visitors.
Get More
- Read the full statement here.
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- Delivery Hero to Buy Mideast Grocery Service InstaShop
- Delivery Hero to Replace Wirecard in Germany's DAX Index
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