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Grubhub's stock plunges as food delivery competition grows
Read full article: Grubhub's stock plunges as food delivery competition growsThe steep decline in share price wiped away more than $2.3 billion of the company's stock market valuation. After the bell on Monday, the food delivery company reported third-quarter revenue of $322 million, a 30% increase from the previous year, but short of the $330 million Wall Street analysts were expecting. UberEats, DoorDash and PostMates are committed to doing the same and it's created something of a Wild West in the food delivery business. In the year ending September 2019, 2 billion delivery orders were placed at U.S. restaurants, up 5 percent from the previous year. That means Grubhub, UberEats, DoorDash and PostMates are fighting over a growing, yet diminutive slice of the restaurant market.