German online takeaway food company Delivery Hero on Thursday reported slightly lower-than-expected gross merchandise value (GMV) for 2022, citing foreign currency effects and its intensified focus on profitability.
The Delivery Hero's logo is pictured at its headquarters in Berlin, Germany, August 18, 2020. REUTERS/Fabrizio Benschon Thursday reported slightly lower-than-expected gross merchandise value for 2022, citing foreign currency effects and its intensified focus on profitability.
It reported a GMV of 44.6 billion euros for the year, up from 37.97 billion a year ago but below analysts' average estimate of 44.87 billion euros in a company-provided poll. After a boost to growth during the COVID-19 pandemic, Delivery Hero has focused on reaching long-awaited profitability as investor confidence in the rapidly expanding but mostly unprofitable sector started to wane.
The Berlin-based company confirmed its 2023 guidance for a positive margin on adjusted core earnings to GMV of over 0.5%, while it still targets free cash flow break-even during the second half of 2023.
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