Deliveroo said orders fell 9% in the first quarter as customers look to save money by cutting back on meal deliveries.
Users placed 72.1 million orders in the first quarter, down from 78.8 million in the same period a year ago, the London-based company said in a statement on Thursday. Gross transaction value fell 1% on a constant currency basis to £1.75 billion (€2 billion).
Chief executive Will Shu said last month that while the company’s been weathering a “really tough consumer environment,” he’s cautiously optimistic conditions will begin to improve this year.
Rival Just Eat also reported a drop in orders for the previous quarter on Wednesday and the Dutch company said it would focus on improving profitability.
If you worked in the UK there is an opportunity to boost your pension
Trump trade - a quick guide to US tariff plans
Declining birth rate means there will be fewer people of working age to support the growing number of pensioners
‘The motor industry is changing, but we’re here to stay’: BMW Ireland’s boss on EVs, innovation and the road ahead
Deliveroo has bled money since home delivery slowed following the end of pandemic lockdowns. The stock has fallen 73% since its initial public offering in 2021. Last year, the company reported an operating loss of £245.6 million.
But Deliveroo pulled out of several markets last year, cut its marketing budget and reduced headcount. In March, Deliveroo reported that its second half of 2022 was profitable. – Bloomberg
