Proactive Investors - Just Eat Takeaway (LON:JETJ) shares sank over 5% on Wednesday morning after the food delivery company reported a fall in orders over the first three months of the year.
Total orders came in 6% lower at €214.2 million (£182.6 million) over the first quarter, Just Eat reported on Wednesday.
This came on the back of a fall in all regions except for the UK and Ireland, where orders grew 1% to €60.3 million.
Gross transaction value increased in the UK and Ireland too, by 7% to €1.7 billion.
However, including a 10% drop in Just Eat’s North American business, group gross transaction values fell by 2% to €6.5 billion.
“Poorer North American performance [...] will once again raise questions from investors whether or not the company needs to focus its energy on Europe, as opposed to trying to compete with big hitters DoorDash (NASDAQ:DASH) and UberEats,” eToro analyst Adam Vettese said.
“The possible sale of Grubhub could well be the beginning of a potential exit from the North American market.”
Shares fell 5.7% to 1,128p.