HelloFresh, the German meal-kit maker, saw its shares plummet after reporting lower-than-expected revenue for the third quarter and a decline in the number of active customers.
As of 0840 GMT, HelloFresh shares were trading 11% lower at EUR21.68.
In terms of reported figures, the company posted revenue of 1.80 billion euros ($1.90 billion), marking a 3% decline compared to the previous year. However, on a constant currency basis, revenue was up 3.5%. Despite this growth, Deutsche Bank analysts noted that the revenue fell short of the consensus estimate of EUR1.83 billion.
During the quarter, HelloFresh reported a total of 7.07 million active customers, representing a 5.9% decrease compared to the previous year and falling below the consensus estimate of 7.28 million.
The company's preferred profitability measure, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), also experienced a slight decline from EUR71.8 million to EUR69.2 million, slightly below the consensus estimate of EUR70 million.
HelloFresh has reiterated its guidance for 2023, projecting a constant-currency revenue growth rate of approximately 2% to 8% and an adjusted EBITDA ranging from EUR470 million to EUR540 million.
Pandora plans to enhance brand desirability, expand store network, and focus on sustainability while setting ambitious growth targets.
China's private gauge of factory activity shows expansion in August due to supply and market demand improvements. Employment figures reach highest level since 2...
Qualcomm exceeds Q3 earnings estimates and provides a strong revenue forecast for the December quarter, leading to a surge in stock. Market response is positive...