Grub Investor Letter after their recent profit warning (and -43% fall in the shares) is worth a read.
We have previously pointed out how alternative data was suggesting competitors were beating Grub.
The letter points out how the online takeout market is getting a lot more competitive.
“Furthermore, we believe online diners are becoming more promiscuous … our newer diners are increasingly coming to us already having ordered on a competing online platform, and our existing diners are increasingly ordering from multiple platforms … the easy wins in the market are disappearing a little more quickly than we thought.”
