GrubHub Shares Drop On Second-quarter Results After Earnings Report

Shares of GrubHub Inc. hit a record intraday high Thursday, but plunged 10% in after-hours trading after the food delivery and takeout company reported second quarter results. GrubHub reported adjusted earnings of 26 cents a share, compared with 23 cents a share in the year-earlier quarter. The FactSet consensus was for earnings per share of 26 cents. Revenue jumped 32% to $158.8 million, above the consensus of $158.3 million. GrubHub executives raised the lower-end of the full-year sales guidance to $642 million to $662 million from $632 million to $662 million. In a separate press release, GrubHub announced a partnership with Yelp Inc. that includes the acquisition of Yelp's food delivery unit Eat24. Grubhub shares have gained 28.3% year to date and hit an intraday high of $48.58 on Thursday. The S&P 500 has gained 10.4%.