GrubHub Inc (NYSE:GRUB) stock was falling hard on Wednesday following the release of its earnings report for the third quarter of 2016.
GrubHub Inc reported revenue of $123.46 million during the third quarter of 2016. This is a 44% increase over the $85.66 million in revenue that it reported during the same time last year. It also came in above Wall Street’s revenue estimate of $118.45 million for the quarter.
Earnings per share reported by GrubHub Inc for the third quarter of 2016 was 23 cents. The restaurant pick-up and delivery company reported earnings per share of 13 cents for the third quarter of 2015. Analysts were expecting the company to report earnings per share of 19 cents in the third quarter of the year.
GrubHub Inc reported net income of $19.9 million during the third quarter of 2016. This represents a 73% increase over the net income of $11.5 million that it reported in the third quarter of the year prior.
GrubHub Inc reported 7.69 million Active Diners in the third quarter of 2016. This is an increase of 19% from the 6.43 million Active Diners reported during the same time last year. However, analysts were expecting Active Diners to reach 7.7 million in the third quarter of the year.
GrubHub Inc also released its guidance for the fourth quarter of 2016 in this earnings report. It is expecting revenue for the upcoming quarter to range from $136 million to $138 million. Wall Street is looking for revenue of $136.18 million during this time.
GRUB stock was down 11% as of Wednesday afternoon, but is up 58% year-to-date.
