Shares of Just Eat Takeaway.com NV (AMS: TKWY) surged 6% after the food delivery company posted a surging profit and revenue for the first half of the year. As a result, Just Eat stock price rose to a new record high above the 100.00 mark.

Just Eat Takeaway, London-based online food order and delivery service, saw its EBITDA come in at 177 million euros. This is over 100 million euros more than 76 million euros recorded a year earlier.

Higher profits were possible due to a surging revenue by 44% at 1.03 billion euros from 715 million. However, the former Danish company incurred a net loss of 158 million euros. The growth in its largest market, Germany, was over 100% with some other larger markets following with double-digit growth.

Just Eat Takeaway, formed through the merger of Just Eat and Takeaway.com, reported first-half figures on a proforma basis as if its $7.8 billion takeover of Britain’s Just Eat had been completed on January 1st, 2019.

The pandemic yielded a surge in food delivery orders, jumping 32% to 257 million orders.

In June, Invezz reported that acquired the U.S.-based Grubhub in a $7.3 billion all-stock deal.

Just Eat Takeaway stock price gained 6% in the aftermath of the first-half results. Hence, shares rose to 102.46, which is a fresh record high for the stock. The previous all-time high was 102.30, set in early June. 

Today’s rally was capped by the ascending trend line that connects previous swing highs. The stock price has traded in a continuous uptrend in the last 3 weeks, gaining around 15%. The next target on the upside is 104.28, which is a 127.2% Fibonacci extension line. 

Just Eat Takeaway.com stock price gained around 6% after the food delivery company recorded a surge in profit and revenue for the first half of the year. This yielded a new record high for Just Eat stock, rising to 102.46.

The post Just Eat stock price jumps 6% on surging revenue and profit appeared first on Invezz.