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GrubHub shares spike 19% after company reports a surge in active diners

Mike Juang
Updated

Shares of GrubHub spiked as much as 19 percent after it reported a surge in "active diners," a measurement of the food-ordering service's ability to attract new customers.

The company recorded a 26 percent jump in active diners for the first quarter, to 8.75 million from 6.97 million a year ago.

GrubHub also reported first-quarter profits of 29 cents per share, on revenue of $156.1 million. They both beat analysts' expectations of 24 cents a share on sales of $153 million, according to Thomson Reuters.

GrubHub, which also owns the delivery brands Seamless and Allmenus, connects diners and restaurants through online platforms and apps. Users order food through GrubHub and have it delivered directly by the restaurant.

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"More new diners tried Grubhub than ever before in the first quarter," said CEO Matt Maloney in a statement. Active diner growth indicates GrubHub's ability to bring on new users, said equity analyst Brian Nowak in a January CNBC report .

The company competes against Amazon.com 's Prime Now service, Yelp's Eat24, and Uber's UberEATS.

The stock closed up 22 percent on Thursday.

GrubHub shares 1-day performance