STORY: Deliveroo has slashed its outlook for the year.
The UK-based food delivery app says the gross value of transactions will grow by 12% at best.
That’s less than half the peak growth rate it had previously forecast.
Deliveroo blamed a worsening economic outlook.
Confidence levels among British consumers sank to a record low last month.
Wages there are failing to keep place with inflation, which has hit 40-year peaks and is headed yet higher.
Britons are cutting spending in response.
Deliveroo said it was confident it could adapt to the changing environment using tighter cost control and other tools.
Shares in the company initially took a hit Monday though.
They dropped as much as 5% before rebounding to trade higher.