Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) shares sank over 5% on Wednesday morning after the food delivery company reported a fall in orders over the first three months of the year.
Total orders came in 6% lower at €214.2 million (£182.6 million), Just Eat reported on Wednesday.
This came on the back of a fall in all regions except for the UK and Ireland, where orders grew 1% to €60.3 million.
Gross transaction value also increased in the UK and Ireland by 7% to €1.7 billion.
However, including a 10% drop in Just Eat’s North American business, group gross transaction values fell by 2% to €6.5 billion.
“Poorer North American performance [...] will once again raise questions from investors whether or not the company needs to focus its energy on Europe, as opposed to trying to compete with big hitters DoorDash and UberEats,” eToro analyst Adam Vettese said.
“The possible sale of Grubhub could well be the beginning of a potential exit from the North American market.”
Shares fell 5.7% to 1,128p.