GrubHub (NYSE:) reported its latest quarterly earnings results late today, bringing in earnings that declined when compared to the year-ago quarter, but the company’s sales were up when compared to the year-ago quarter, helping to lift shares more than 1% after hours.
The food delivery takeout and delivery platform, based out of Chicago, Ill., posted net income of $6.9 million, or 7 cents per share, for its first quarter of its fiscal 2019. This marked a decline of roughly 78% when compared to its profit of $30.8 million, or 34 cents per share, during its first quarter of 2018.
GrubHub’s non-GAAP adjusted EBITDA tallied up to $50.9 million during the company’s first three months of 2019, sliding 21% year-over-year from the $64.1 million from the same period a year ago. The company’s revenue for the period came in at $323.8 million, which was a bright spot for the brand as this figure surged 39% year-over-year from $232.6 million.
“The strong momentum in our business throughout 2018 continued in the first quarter of 2019, including continued accelerating growth and a 21% sequential increase in adjusted EBITDA,” said Grubhub President and CFO, Adam DeWitt. “The dramatic increase in the scale and diversity of our diner base combined with the consistent diner value outlined in the supplemental disclosure sets us up for a great future.”
GRUB stock is up roughly 1.8% after the bell thanks to a strong performance on the revenue front. Shares had been gaining 0.7% during regular trading hours Thursday ahead of the company’s results.
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