Grubhub Slumps After Daily Delivery Miss

© Reuters. – Online food delivery service Grubhub tumbled in midday trade after posting and missing daily active delivery esimates.

Grubhub (NYSE:) slumped 10.5% in midday trade, while rival Uber (NYSE:) (which owns Uber Eats) fell 2.7%.

The company reported earnings per share of $0.27 on $325.1 million in revenue, compared to estimates for EPS of $0.30 on $318.11 million in revenue.

Active diners in the second quarter totaled 20.3 million, but daily deliveries, or grubs, were at 488,900, below estimates of 494,800.

Guidance for the third quarter was in line, with revenue of $320 million to $340 million expected.

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