Zomato’s efforts to narrow down its losses over the last few quarters continue to bear fruit as the company reported an “adjusted EBITDA” loss of Rs 192 crore in the second quarter which ended on September 30, 2022. It had reported a loss of Rs 150 crore in the last quarter and Rs 310 crore in the corresponding quarter during the last financial year (FY22). The company revealed that its “adjusted” revenue during the quarter (Rs 2107 crore) increased by 48 percent as compared to Q2FY22 (Rs 1421 crore), whereas the increase from the previous quarter (Rs 1810 crore) rests at a mere 16 percent. “While our food delivery business has been growing and steadily moving towards profitability, I believe there is room for the business to grow much faster than what it is currently trending at,” Zomato’s CEO shared in the disclosure. Goyal’s comments suggest that Zomato’s growth may be sluggish compared to what the company would like but he stopped short of blaming the macroeconomic factors. Why it matters: It is critical to examine financial results of tech companies such as Zomato as they provide crucial insight into the financial health of tech start-ups. The investor sentiment towards tech companies has subdued in 2022 as an economic downturn wipes away the gains made during 2021’s bull run. How is BlinkIt doing? The company informed investors that it closed BlinkIt’s acquisition on August 10, 2022, owing to which this quarter includes 50 days of BlinkIt financials amongst Zomato’s overall financials.…
Everything you need to know about Zomato’s performance in its latest quarterly results
Zomato claims it is expecting its losses to come down in the upcoming quarters which will bring it to a break-even point
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