- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
Deliveroo reduces losses on cost-cutting
Deliveroo reduced net losses last year on cost-cutting, while revenues rallied on higher pricing in the face of soaring global inflation, the international food delivery app said Thursday.
Losses after tax were down 11 percent at £294 million ($355 million) compared with 2021, the British company said in a statement.
Revenue jumped 14 percent to nearly £2 billion, despite easing Covid curbs and controversy over treatment of its riders.
Average order value accelerated 11 percent to £23.90 by the end of the year, despite belt-tightening by customers hit by a cost-of-living crisis.
The app giant forecast underlying earnings growth this year after gaining market share in Britain, France and Italy.
Under major streamlining, Deliveroo exited Australia and the Netherlands in 2022, after departing from Spain the previous year.
But the company expanded into Qatar last year as it pursues Middle East growth.
"Our team has delivered in difficult market conditions," said CEO Will Shu, who founded the company ten years ago.
"The macroeconomic outlook for the year ahead remains uncertain, but our record in the past 12 months makes me optimistic about our ability to adapt and continue to deliver on our plans to drive profitable growth."
Deliveroo last month cut about 350 jobs, or nearly one tenth of its non-rider workforce.
The group, which experienced surging demand during the Covid pandemic from lockdown-hit customers, also has thousands of self-employed riders.
Following Thursday's update, Deliveroo shares slid 1.8 percent to 87.9 pence on the London stock market.
"When household budgets are squeezed, non-essential expenses such as on grocery deliveries or takeaways can be among the first to go, putting pressure on Deliveroo after its surge in popularity during the pandemic," noted Victoria Scholar, head of investment at Interactive Investor.
"On top of that, Deliveroo faces intense competition in the sector from Uber Eats, Just Eat Takeaway and q-commerce players like Gopuff."
X.Wong--CPN