US food delivery company DoorDash forecast a slowdown in Wolt Enterprises orders in the second quarter of the year as it completed a $ 3.5 billion acquisition of the European company in the midst of the crisis.
The deal to buy Finnish company Wolt cost more than $ 8 billion when it was announced in November, but DoorDash’s share has since fallen due to a sell-off in the industry, while the US dollar has strengthened.
In announcing the deal, DoorDash upgraded its own gross order value (GOV) estimates to at least $ 12.5 billion in the second quarter, up from $ 12.1 billion previously.
It also announced that it expects the merged entities to show a $ 100 million EBITDA.
However, the GOV forecast for Wolt in the second quarter to be up 23% -30% from $ 652 million a year ago, despite the strongest dollar, but lower than $ 888 million in the first quarter. 2022.
The macroeconomic and geopolitical situation in Europe has changed significantly in recent months, said Wolt’s CEO, refusing to disclose investment plans for 2022.
DoorDash said in a statement that Wolt reported a loss of € 54.6 million in EBITDA and revenue of € 78.1 million for the quarter ended March 31.
In the first quarter of 2021, losses amounted to 22.3 million euros and revenues to 43.9 million euros.
Source: Capital
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