Latest News | Zomato Shares Tank 6 Pc After Earnings Announcement
Get latest articles and stories on Latest News at LatestLY. Shares of online food delivery platform Zomato on Friday tanked 6 per cent after the company reported narrowing of consolidated net loss to Rs 67.2 crore for the third quarter ended December 31, 2021.
New Delhi, Feb 11 (PTI) Shares of online food delivery platform Zomato on Friday tanked 6 per cent after the company reported narrowing of consolidated net loss to Rs 67.2 crore for the third quarter ended December 31, 2021.
The stock tumbled 6.08 per cent to settle at Rs 88.75 on BSE. During the day, it tanked 9.15 per cent to Rs 85.85.
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On NSE, it declined 6.08 per cent to close at Rs 88.70.
"Zomato reported lukewarm results in 3Q FY22," according to a research report by JM Financial Institutional Securities Limited.
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Zomato Ltd on Thursday reported narrowing of consolidated net loss to Rs 67.2 crore for the third quarter ended December 31, 2021, on the back of better revenue growth.
The company, which had posted a consolidated net loss of Rs 352.6 crore in the same quarter last fiscal, said it is updating the upper limit of its potential investments in the food delivery category to USD 400 million cash over the next two years.
Its consolidated revenue from operations during October-December 2021 stood at Rs 1,112 crore as against Rs 609.4 crore in the year-ago period, Zomato said in a regulatory filing.
It further said total expenses in the third quarter were higher at Rs 1,642.6 crore as against Rs 755.7 crore in the same period last fiscal.
During the quarter, the company said the reduction in customer delivery charges and a soft impact of post-COVID-19 reopening, including some shift from delivery to dining out, resulted in a weak gross order value growth.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)