Waitr: Bite Squad write-down eats into crumbling shares

Waitr Holdings

08/11/2019 18:27

** Shares of the online food-delivery co  WTRH.O  plunges as
much as 37.5% to $0.28, hits record low after taking a
write-down relating to Bite Squad merger that led to a
wider-than-expected Q3 loss
    ** In Q3, WTRH recorded a $192.1 mln goodwill and intangible
asset impairment charge relating to Bite Squad, which co bought
in December 2018 for about $321.3 mln
    ** Co reported Q3 loss of 2.89 per share on a revenue of
$49.2 mln; analysts' on average expected a loss of 26 cents per
share on a revenue of $55.9 mln - Refinitiv data
    ** Co also concluded its strategic alternative review and
plans to continue as a independent company; however,
Craig-Hallum analyst Alex Fuhrman believes WTRH could still be
viewed as an attractive acquisition candidate by its national
competitors 
    ** Co's EPS has now missed analysts' estimates for the
fourth straight quarter while revenue has fallen below Wall
Street's estimates for the second time in four quarters
    ** Including Friday's losses, stock has fallen ~98.2% since
touching a record high of $15.06 in November 2018

 (Reporting by Shravanth Vijayakumar in Bengaluru)
 ((Shravanth.V@thomsonreuters.com))