GrubHub Inc (NYSE: GRUB) went skyward Thursday after reporting upbeat quarterly results.
The Chicago-based takeout marketplace, today announced financial results for the fourth quarter ended Dec. 31, 2017. For the fourth quarter, the Company posted revenues of $205.1 million, which is a 49% year-over-year increase from $137.5 million in the fourth quarter of 2016. Gross Food Sales grew 39% year-over-year to $1.1 billion, up from $818 million in the year ago period.
Net Income proved $53.5 million, or $0.60 per diluted share, a 293% year-over-year increase from $13.6 million, or $0.16 per diluted share, in the fourth quarter of 2016.
For all of calendar 2017, revenues were $683.1 million, a 38% year-over-year increase from $493.3 million in 2016.
Net Income reached $99.0 million, or $1.12 per diluted share, a 100% year-over-year increase from $49.6 million, or $0.58 per diluted share, in 2016.
Said Grubhub CEO Matt Maloney, "Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today.
"The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform."
Grubhub claims to be the leading U.S. online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base.
The stock surged $19.66, or 28.1%, to $89.57.