On Wednesday, Amsterdam-listed shares in Just Eat Takeaway (AS: TKWY) surged in mid-morning European trading. This happened after the food delivery company announced its reported positive core earnings in Q3 due to cost cuts that helped outweigh a slide in orders.

Just Eat Takeaway reported that adjusted income before interest, taxes, depreciation and amortisation came in above zero during the period. Europe’s largest food delivery service is on track to deliver on its long-term margin target.

Gross transaction value increased slightly by 2 per cent thanks to positive foreign exchange movements and increased menu prices. However, the number of orders processed by the firm dropped by 11 per cent compared to the same period last year to 235 million.

The company said that the consumer backdrop remains challenging as customers rein in spending due to soaring cost-of-living expenses. But it said it was ‘well-positioned’ to achieve future growth in profits.

The company expects to post positive adjusted EBITDA in the second half of 2022. Meanwhile, the full-year gross transaction value is seen growing annually in the low-single digits, down from the prior guidance of a mid-single-digit increase.