(Reuters) – German online takeaway food company Delivery Hero on Thursday reported slightly lower-than-expected gross merchandise value (GMV) for 2022, citing foreign currency effects and its intensified focus on profitability.
It reported a GMV of 44.6 billion euros ($47.90 billion) for the year, up from 37.97 billion a year ago but below analysts’ average estimate of 44.87 billion euros in a company-provided poll.
After a boost to growth during the COVID-19 pandemic, Delivery Hero has focused on reaching long-awaited profitability as investor confidence in the rapidly expanding but mostly unprofitable sector started to wane.
The Berlin-based company confirmed its 2023 guidance for a positive margin on adjusted core earnings (EBITDA) to GMV of over 0.5%, while it still targets free cash flow break-even during the second half of 2023.
Shares slid 0.4% in Lang & Schwarz premarket trade and are seen among the worst performers on the German midcap index.
($1 = 0.9310 euros)
(Reporting by Linda Pasquini in Gdansk; Editing by Milla Nissi)
