On Thursday, Grubhub Inc. (NYSE: GRUB) reported financial results for the fourth quarter. Shares of the company jumped 29% on Thursday after the strong report.
According to the company, revenue for the quarter rose to $205.1 million, beating analysts’ estimates of $201.7 million. Net income increased from $13.6 million, or $0.16 per share, for the same period last year, to $53.5 million, or $0.60 per share, for the fourth quarter. Adjusted earnings rose from $19.8 million, or $0.23 per share, to $33.3 million, or $0.37 per share. The result bear analysts’ estimates of $27.6 million, or $0.31 per share.
“Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today,” Matt Maloney, the CEO of Grubhub, said in the statement on Thursday.
“The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform,” Matt said.
“Our ability to scale delivery capabilities efficiently, combined with consistent execution on organic diner acquisition and merger integrations, enabled us to generate record EBITDA per order of $1.58 in the fourth quarter,” Adam DeWitt, the Grubhub President and CFO, said on Thursday.