GrubHub (GRUB) is trading at a new all-time high after reporting second quarter results and announcing a partnership with Groupon (GPRN) last night.
Second quarter results were in-line with guidance and Wall Street Estimates. EBITDA grew 12% to $42 million with sales up 32%. Daily Active Grubs were up 16% vs. 21% growth last quarter and 14% last year.
The company guided Q3 revenue in-line and narrowed guidance for the full year.
Grubhub also announced it will acquire Yelp's (YELP) Eat24 business and Yelp will integrate online ordering from all Grubhub restaurants onto its extensive local goods and services platform.
Grubhub has done a number of deals in the food delivery space in recent years. Grubhub acquired Foodler in June, LAbite last Spring and Delivered Dish in late 2015.
Investors are encouraged by the update. The stock is trading at a new all-time highs. Grubhub now has a ~$4.6 billion valuation -- the stock is not cheap at ~7x sales estimates or close to 50x earnings.