LAFAYETTE, La. (Daily Advertiser) — Lafayette-based food delivery service Waitr recorded an $8 million profit in the second quarter of 2020, the company announced Monday in preliminary financial results.
If the unaudited results hold up, it will be the first time the company has posted a quarterly profit. The company is expecting to release its official, audited second quarter results in early August.
“We are pleased to present a preliminary look at our second quarter results and we are excited to deliver strong revenue growth and profitability, driven, in part, by an uptick in new diners and orders,” Waitr Chairman and CEO Carl Grimstad said. “While the events of the last several months have accelerated the adoption of our platform by consumers, we believe the important steps we adopted early this year, pre-pandemic, to super-charge our business are starting to be recognized in our financial results.”
The company received a financial boost from the coronavirus pandemic, as many states imposed limits on in-restaurant dining. As a result, there’s been an increased demand for Waitr’s services, Grimstad said.
Revenues grew nearly 17% from the second quarter of 2019, from $51.3 million to $60 million. The preliminary results did not include information on expenses, but the company has been implementing cost-cutting measures, such as transitioning drivers to independent contractor status and layoffs.
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