Breadth divergence is a troubling sign for the stock market

Just Eat first half net loss widened significantly on EUR 3 billion Grubhub impairment

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Just Eat NV said Wednesday that its first-half net loss widened significantly as it booked a 3.0 billion euros ($3.05 billion) impairment related to Grubhub.

The Amsterdam-based, food-delivery group said net loss for the first half was EUR3.48 billion compared with EUR486 million for the year-earlier period.

Adjusted loss before interest, taxes, depreciation and amortization was EUR134 million compared with EUR190 million a year earlier.

Revenue for the period was EUR2.78 billion compared with EUR1.77 billion for the same period in 2021.

Gross transaction value, or GTV–a key metric for the industry–was EUR14.19 billion compared with EUR14.12 billion a year earlier.

Management confirmed its guidance for 2022. It sees GTV to grow by mid-single digit year-on-year in 2022 and an adjusted earnings before interest, taxes, depreciation and amortization margin in the range of minus 0.5% to minus 0.7% of GTV.

Write to Kyle Morris at [email protected]

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