Retail

Stock falls after cautious guidance

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A Deliveroo rider’s bike near Victoria station on March 31, 2021 in London, England.

Dan Kitwood | Getty Images

LONDON — Shares of British food delivery firm Deliveroo fell on Thursday, as the company warned its growth could lose steam as economies start to reopen.

In its first trading update as a public company, Deliveroo said it had 71 million orders in the first quarter of 2021, more than double the 33 million orders booked through its service in the same period a year earlier.

The total value of transactions on its platform, meanwhile, climbed 130% to £1.65 billion, Deliveroo said.

Despite this, Deliveroo’s stock price slumped 3.8%, closing at a price of £2.60, after the company gave…



Source cnbc.com

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