The stock of German meal kit startup HelloFresh surged on Tuesday following the company’s announcement of a second-quarter profit that above expectations and the rapid expansion of its ready-to-eat meal segment.
As of 9:30 a.m. ET, HelloFresh shares had gained 20% during morning trading, but they had since reduced gains to jump 10% to 5.95 euros ($6.52).
HelloFresh recorded adjusted earnings before interest, tax, depreciation, and amortisation of 146.4 million euros for the three months ended June 30.
The amount topped the LSEG-surveyed analysts’ projection of 123 million euros, while being down 23.7% from the same period the previous year. The company’s revenue rose by 1.7% during the quarter to 1.95 billion euros.
Source (CNBC)
