Management News

• Deliveroo announced plans to lay off 9% of its workforce (350 staff) with the aim of remaining profitable amidst a drop in order volumes across the group, owing to unfavorable economic conditions. (February 10, 2023; Reuters )

• Grubhub appointed Howard Migdal, the current CEO of SkipTheDishes, Just Eat Takeaway.com's Canadian subsidiary, as the new CEO of the company (replacing Adam DeWitt). (March 13, 2023; Press release )

• Just Eat Takeaway announced plans to transition away from a worker model for delivery drivers in favor of using contractors, resulting in 1,700 job losses. (March 21, 2023; BBC )

Product Update

• HelloFresh launched a trial of its own delivery fleet in the UK. The company is the first recipe box provider to trial its own delivery fleet in the UK. (February 09, 2023; TRB ) 

• Uber announced a partnership with Tampa International Airport to offer online ordering from the airport concessions. This will be Uber’s first official airport partnership in the US. (March 07, 2023; Restaurant Dive ) 

Earnings 

• DoorDash reported 40% YoY revenue growth to USD 1.82 billion in Q4 2022, beating analyst estimates of USD 1.77 billion. The 2022 revenue grew 34.7% to USD 6.6 billion. ​​The GAAP loss per share for the quarter was USD 1.65 per share, higher than the analyst estimate of USD 0.70 (February 17, 2023; Press release )

• Grab reported 310% YoY revenue growth to USD 502 million in Q4 2022, beating analyst estimates of USD 405.4 million. The 2022 revenue grew by 112% to USD 1.43 billion. The adjusted EBITDA loss for the year was USD 793 million compared to the loss of USD 842 million for 2021. (February 23, 2023; Press release )

• HelloFresh reported 19% YoY revenue growth to EUR 1.9 billion (USD 2.1 billion) in Q4 2022. The 2022 revenue grew 27% YoY revenue growth to EUR 7.6 billion (USD 8.3 billion). Adjusted EBITDA for FY2022 dropped 9.5% YoY to EUR 477 million (USD 524.83 million). (March 07, 2023; Press release )

• Blue Apron reported net revenue of USD 107 million in Q4 2022, consistent with the revenue of Q4 2021. The net revenue for 2022 declined 3% YoY to 458.5 million. The company reported a loss per share of 0.49 during the quarter, higher than the analyst estimate of a loss of USD 0.57. (March 16, 2023; Press release )

Partnership 

• Olo expanded its partnership with location-based customer experience platform Radius Networks to integrate Olo’s open-SaaS, Olo Platform, to help optimize restaurant order operations. (March 1, 2023; Press release )