The company gave guidance for the third quarter and the full year. GrubHub expects revenue to be in the range of $85 million to $87 million in the third quarter and $358 million to $364 million for the full year. The consensus estimates call for $85.60 million in revenue in the third quarter and $359.86 million in revenue for the full year.
In this quarter the company released a significant upgrade to the Seamless consumer interface. The new interface has an updated design and is mobile-centric. According to GrubHub it is also now on a single technology stack, which will allow it to scale more easily and will dramatically improve its time to market for new features and functionality.
A few key business metrics from the second quarter were:
- Active Diners totaled 5.93 million, a 42% year-over-year increase from 4.19 million Active Diners in the second quarter of 2014.
- Daily Average Grubs totaled 220,100, a 26% year-over-year increase from 174,500 Daily Average Grubs in the second quarter of 2014.
- Gross Food Sales totaled $568 million, a 34% year-over-year increase from $423 million in the second quarter of 2014.
Matt Maloney, CEO of GrubHub, said:
We delivered significant year-over-year growth in the seasonally slower second quarter, driven by strong performance in all of our markets across the country. GrubHub’s almost 6 million diners ordered more than 20 million times during the quarter, driving revenue growth of 47 percent year-over-year.
At the end of the second quarter, the company reported having $195.6 million in cash and cash equivalents compared to $201.8 million at the end of 2014.
Shares of Grubhub were up about 10% at $34.20 on Tuesday morning. The stock has a consensus analyst price target of $47.35 and a 52-week trading range of $29.00 to $47.95.
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