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Delivery Hero Stock Up On Higher GMV, Revenue In Q2; Cuts FY22 Outlook

Shares of Delivery Hero SE (DHER.DE, DLVHF.OB) were gaining more than 16 percent in the morning trading in Germany after the online delivery service reported Friday higher Gross Merchandise Value or GMV and revenues in the second quarter. Looking ahead, the company trimmed GMV and revenue forecast for fiscal 2022.

For the second quarter, Delivery Hero's GMV increased 18 percent from last year to 9.9 billion euros.

Total Segment Revenue grew 38 percent to 2.1 billion euros. The company improved the preliminary adjusted EBITDA/GMV margin by 1.0 percentage points to -1.4 percent in the quarter.

Further, Delivery Hero updated fiscal 2022 guidance, excluding Glovo, expecting a GMV of 41 billion euros to 43 billion euros, down from previously expected 44 billion euros to 45 billion euros.

The company raised EBITDA/GMV margin outlook to -0.9 percent to -1.0 percent, compared to previously expected 11.0 percent to -1.2 percent.

The Company now expects to reach a Total Segment Revenue of 9.0 billion euros to 9.5 billion euros, down from previous view of 9.5 billion euros to 10.5 billion euros.

Including Glovo, the company expects to reach a GMV of 44.7 billion euros to 46.9 billion euros, a Total Segment Revenue of 9.8 billion euros to 10.4 billion euros, and an adjusted EBITDA/GMV margin of -1.5 percent to -1.6 percent in fiscal 2022, on a pro-forma basis.

Furthermore, Delivery Hero confirms its guidance that the Platform business is expected to generate a positive adjusted EBITDA for the full-year 2022, implying that the Platform business will be profitable in H2 2022.

In Germany, Delivery Hero shares were 48.02 euros, up 16.13 percent.

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