Delivery Hero shares plunge on disappointing 2022 earnings guidance

European food delivery firm Delivery Hero saw its share price plunge Thursday, wiping out nearly $6 billion from its market value, after announcing earnings guidance that disappointed investors.

The Germany-based company said it generated 9.6 billion euros ($11 billion) in gross sales volume in the fourth quarter of 2021, up 39% year-on-year. Revenues climbed about 66% to 1.9 billion euros in the quarter.

For the full year, Delivery Hero reported overall sales volume of 35.4 billion euros, slightly exceeding its own guidance, while revenues soared 89% to 6.6 billion euros, roughly in line with expectations….