Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Delivery Hero sees higher gross merchandise value in third quarter

2022 08 16T070543Z 1 LYNXMPEI7F06J RTROPTP 4 WOOWABROTHERS M A DELIVERY HERO ANTITRUST - Global Banking | Finance

(Reuters) -German online takeaway food company Delivery Hero on Tuesday forecast a 7% jump in its third-quarter gross merchandise value (GMV) to 10.6 billion euros ($10.8 billion), compared with the April to June period.

Including Barcelona-headquartered food delivery firm Glovo, in which Delivery Hero owns a majority stake, the group expects its GMV to reach 11.5 billion euros in the three months to Sept. 30.

“Slowdown… what Slowdown? A strong Q3 outlook and positive comments on profitability – upgrades are coming through,” analysts at J.P. Morgan commented the trading update in a note to clients.

The company expects the Asia segment for its platform business, which accounts for nearly three quarters of the group’s GMV, to generate 7 billion euros in the current three-month period, an 8% increase on the quarter. The segment had also generated positive core earnings in the second quarter.

Delivery Hero also reiterated its target to reach profitability for the entire group in 2023.

The widely loss-making food delivery sector was one of the big beneficiaries of the COVID-19 pandemic, but that effect has waned as consumers, faced with soaring inflation, have started to cut back.

In the third quarter of 2021, Delivery Hero had posted a GMV of 9.6 billion euros, a 65% increase year-on-year, boosted by higher demand for food delivery amid coronavirus restrictions.

The Berlin-based firm confirmed its preliminary figures for the second quarter, including an 18% GMV growth and a 38% rise in revenues on the year, and the updated full-year guidance it issued in July.

($1 = 0.9845 euros)

(Reporting by Tristan Chabba and Elena Vardon in Gdansk, editing by Milla Nissi)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post