Grubhub Easily Beats 2Q Expectations and Announces Acquisition of LevelUp; Raising FVE to $81
Grubhub posted very strong revenue growth accompanied by slight margin expansion, surpassing our internal projections and consensus for the seasonally weaker second quarter. The firm once again benefited from the Eat24 acquisition as it pushed the number of diners, daily orders, and gross food sales a bit higher than expected year over year. Excluding Eat24 figures, growth in those numbers more closely resembled increase seen prior to the acquisition, which in our view supports our doubts regard...Grubhub and its wholly-owned subsidiaries provide an online and mobile platform for restaurant pick-up and delivery orders. The company connects diners and restaurants through restaurant technology and platforms. Diners enter their delivery address or use geo-location within the mobile applications and the company displays the menus and other relevant information for restaurants in its network. Orders may be placed directly online, via mobile applications or over the phone. The company primarily charges the restaurant a per order commission that is fee based. In several markets, the company also provides delivery services to restaurants on its platform that do not have their own delivery operations.
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