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Delivery Hero expects food delivery business breakeven in second half of 2022 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Delivery Hero, taken in Berlin (Germany), August 18, 2020. REUTERS/Fabrizio Bensch

(Reuters) – Germany’s Delivery Hero SE is expecting its food delivery company to be profitable in the second quarter of 2022 as more people eat in and demand rises.

According to company estimates, the adjusted core earnings will reach 100 million euros ($113.24 millions) in fourth quarter. Meanwhile investments in its quick commerce businesses are expected to spike in the first quarter but then slowly decline.

The German company has seen rapid growth during the coronavirus crises and has made significant investments in quick commerce, which is highly competitive and aims to ship goods within 10 to 15 minutes.

Delivery Hero acquired the majority of Spanish delivery company Glovo’s stock last month and now holds about 83% on an undiluted basis.

($1 = 0.8831 euros)

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