European Food Delivery Company’s boss Delivery HeroInvestors were apologised by the company after its shares plummeted over 30% due to disappointing guidance on earnings for 2022.

“Today our share price dropped 30%! All shareholders are truly my sincere apologies! I’m in your boat,” Niklas Östberg, Delivery Hero’s CEO, said via Twitter on Thursday.

Delivery Hero shareholders weren’t happy Thursday, despite reporting an increase in fourth-quarter sales. However, Delivery Hero announced cautionary estimates for the next year.

Delivery Hero reported that its overall sales volume for 2022 will be 44 billion to 45 million euros ($50 billion to $51 billion), which is less than analysts expected. Delivery Hero also predicted a negative margin of core profit between 1% to 1.2%.

Nevertheless, Östberg vowed to continue with Delivery Hero’s current strategy, with the promise that it would eventually pay off.

“We won’t alter our strategy for the drop, but we will try harder to prove that our investment strategy pays off,” he stated.

Delivery Hero shares plunged over 30%On Thursday they suffered their largest ever loss. Further 12% fell on Friday. From Wednesday’s close, the stock has fallen by 12%. Analysts JPMorganAnd BarclaysOn Friday, they reduced the price targets of the stock.

CNBC’s Danni Hewson said Thursday that there is nothing that can stop a growth story from moving forward quite like an outlook that doesn’t promise growth investors have been expecting.

Delivery Hero was one the most popular companies in the pandemic. Shares soared as investors flock to the “stay at-home” trend of online food ordering, video conferences and other tools.

However, such stocks have been experiencing a decrease in recent months as Covid-19 restriction are removed and central banks start to discuss raising interest rates and reducing stimulus to address rising inflation.

Delivery Hero is being investigated by investors because it seems that the company takes longer to complete its orders than other competitors. DoorDashAnd UberTo attain adjusted profitability

Consolidation is a key strategy for food delivery companies to keep ahead of emerging competitors like Amazon. rapid grocery delivery appsLike Gorillas and Getir. Delivery Hero has recently purchased a majority share in Spanish competitor Glovo. DoorDash is not involved. plans to buy Finnish delivery firm Wolt.