- Just Eat Takeaway posted EBITDA of 177 million euros, higher than 76 million euros recorded a year earlier
- Revenue also surged by 44% to 1.03 billion euros from 715 million
- Just Eat Takeaway stock price rose to 102.46, which is a fresh record high for the stock
Shares of Just Eat Takeaway.com NV (AMS: TKWY) surged 6% after the food delivery company posted a surging profit and revenue for the first half of the year. As a result, Just Eat stock price rose to a new record high above the 100.00 mark.
Fundamental analysis: Lockdown yields profitable opportunities
Just Eat Takeaway, London-based online food order and delivery service, saw its EBITDA come in at 177 million euros. This is over 100 million euros more than 76 million euros recorded a year earlier.
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Higher profits were possible due to a surging revenue by 44% at 1.03 billion euros from 715 million. However, the former Danish company incurred a net loss of 158 million euros. The growth in its largest market, Germany, was over 100% with some other larger markets following with double-digit growth.
“Just Eat Takeaway.com is in the fortunate position to benefit from continuing tailwinds,” Chief Executive Officer Jitse Groen said in a statement.
Just Eat Takeaway, formed through the merger of Just Eat and Takeaway.com, reported first-half figures on a proforma basis as if its $7.8 billion takeover of Britain’s Just Eat had been completed on January 1st, 2019.
“We are convinced that our order growth will remain strong for the remainder of the year,” he added.
The pandemic yielded a surge in food delivery orders, jumping 32% to 257 million orders.
In June, Invezz reported that acquired the U.S.-based Grubhub in a $7.3 billion all-stock deal.
Technical analysis: New record highs
Just Eat Takeaway stock price gained 6% in the aftermath of the first-half results. Hence, shares rose to 102.46, which is a fresh record high for the stock. The previous all-time high was 102.30, set in early June.
Today’s rally was capped by the ascending trend line that connects previous swing highs. The stock price has traded in a continuous uptrend in the last 3 weeks, gaining around 15%. The next target on the upside is 104.28, which is a 127.2% Fibonacci extension line.
Just Eat Takeaway.com stock price gained around 6% after the food delivery company recorded a surge in profit and revenue for the first half of the year. This yielded a new record high for Just Eat stock, rising to 102.46.