Deliveroo Plc reported earnings that beat analysts’ estimates after the company said it would tighten its marketing budget and cut costs.
(Bloomberg) — Deliveroo Plc reported earnings that beat analysts’ estimates after the company said it would tighten its marketing budget and cut costs.
Adjusted earnings before interest, taxes, depreciation and amortization was a loss of £68 million ($82.1 million) in the first half of the year, the company said in a statement on Wednesday. That compared to the average analyst estimate for a loss of £73.3 million, according to a Bloomberg survey.
In July, the London-based food delivery company had slashed its projections for sales growth this year. Delivery companies across the industry have been facing worse-than-expected slowdowns in order growth with higher energy bills and inflation eating away at customers’ incomes.
“We have made good progress delivering on our profitability plan, despite increased consumer headwinds and slowing growth during the period,” Chief Executive Officer Will Shu said in the statement. “Underpinning our progress is a rigorous approach to capital allocation, ensuring that we invest behind the opportunities with the highest returns.”