In one of its last earnings reports before it becomes part of a Dutch company, restaurant delivery company Grubhub Inc. reported that its fourth-quarter loss grew from a year earlier.
Chicago-based Grubhub (NYSE: GRUB) reported an adjusted fourth-quarter loss of 41 cents per share, larger than the quarterly adjusted loss a year earlier of 5 cents. Quarterly revenues rose 48% to $508 million from a year earlier.
For fiscal 2020, Grubhub reported an adjusted loss of 42 cents per share, compared with adjusted earnings of 79 cents per share a year earlier. Fiscal 2020 revenues rose 39% to $1.8 billion from the previous year.
In June, Just Eat Takeway.com of The Netherlands said it was buying GrubHub Inc. for $7.3 billion in an all-stock deal " to create the world’s largest online food delivery company outside of China," according to the companies.
"Looking ahead, we've been working closely with the Just Eat Takeaway.com team on integration planning and continue to expect the transaction to close in the first half of 2021," said Matt Maloney, Grubhub founder and CEO, in a statement. After the deal is finalized, Maloney will join the Just Eat Takeaway.com board and will head the company's North America operations, which will remain in Chicago. Corporate headquarters will be in Amsterdam.
The two companies said that after the deal is completed, they'll service more than 360,000 restaurants in the world, serving more than 70 million customers in 25 countries. Just Eat Takeaway.com will own 70 percent of the combined company.
