Just Eat Takeaway.com has downgraded its annual growth expectations while reporting a fall in orders during the first three months of its financial year, bolstering fears of a global consumer spending slowdown.

Europe’s largest meal delivery platform also revealed it had bowed to investor pressure on the future of Grubhub, the US business it bought last year for $7.3bn, saying it was considering a sale and was in talks with a number of potential buyers.

The group’s market value has taken a hammering since the deal completed in June – with shareholders in the sector concerned about post-pandemic momentum and tougher competition.

Shares – down 46% this year alone ahead of the first quarter trading update – fell 2.5% in early deals at the market open on Wednesday but later reversed course, with analysts crediting the Grubhub move.

However, the Just Eat stock remains around €26 a share, close to the 2016 flotation price of €23.

Just Eat told investors it now expected “mid-single digit growth” for its gross transaction value (GTV) this year – a measure the total value of food ordered and delivered – instead of the “mid teens” predicted just last month.

The slowdown is likely a consequence of economies continuing to awaken from COVID-19 restrictions but also the growing competition for consumer spending as households globally battle higher bills for things like energy and food.

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The squeeze on households was reflected on Wall Street last night when Netflix shares slumped by up to a quarter on evidence people were tightening their belts, with subscriber numbers falling for the first time in a decade.

In the case of Just Eat, it reported 264.1 million orders across its global operations between January and March – a fall of 1% on the same period last year – with 67.6 million of those orders recorded in the UK and Ireland.

A total figure around 285 million had been predicted by some analysts.

Amid the slide in market value, Just Eat said it was “actively exploring the introduction of a strategic partner into and/or the partial or full sale of Grubhub”.

Efforts to boost profitability would include a focus on increasing revenue per order and cutting costs.

Chief executive Jitse Groen added: “Our priority for 2022 lies in … strengthening our business.

“We expect profitability to gradually improve throughout the year, and to return to positive adjusted EBITDA in 2023.”

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