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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The food-delivery company’s third-quarter results are poor. But beyond the obvious weakness, there’s even more that is concerning.
On Thursday, Zomato announced its results for the quarter ended 31 December 2021. The food-delivery company shows that revenue had grown 1.8x from the same period a year earlier, and that losses had substantially reduced. The markets saw through the fact that losses had actually more than tripled if one excludes a one-time gain from the sale of investments, and the stock was hammered, ending the day down almost 6%.
What is more worrying is that Zomato’s letter—12 pages titled “Staying the course”, by chief executive Deepinder Goyal and chief financial officer Akshant Goyal—to the shareholders paints a totally different …
