Grubhub (GRUB) - Get Grubhub, Inc. Report shares were down double digits on Tuesday after the food-delivery company reported adjusted second-quarter profit that missed analysts' expectations.

The Chicago company's shares on Tuesday were down 12% at $70.50. They got a boost a day earlier, rising 6.8% after Takeaway.com (TKAYF) , the Amsterdam food-delivery service, agreed to pay a reported $10 billion of stock for its U.K. peer, Just Eat (JSTTY) .

Grubhub earned 1 cent a share in the second quarter, down 96% from 33 cents a share in the year-earlier quarter. Adjusted net income was 27 cents a share against 50 cents a year earlier.

A survey of analysts by FactSet produced consensus estimates for the quarter of reported profit of 6 cents a share, or an adjusted 30 cents.

The company beat on the top line. Revenue rose 36% to $325.1 million from $239.7 million. Analysts were looking for $318.2 million.

In a statement, Grubhub highlighted a 30% increase in active users of the site, to 20.3 million, and daily average orders, up 16% to almost 489,000.

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Grubhub's founder and CEO, Matt Maloney, said the company added thousands of new restaurants.

"Restaurants are increasingly valuing the incremental sales and products we provide, while diners highly regard our robust restaurant selection and consistently low transaction fees," he said in a statement.

For the third quarter, Grubhub expects revenue of $320 million to $340 million. FactSet's consensus for the quarter is $331.7 million.

Grubhub works with more than 125,000 restaurants in more than 2,400 U.S. cities and London. Its brands include its namesake as well as Seamless, LevelUp, Tapingo, AllMenus and MenuPages.

For the bull technical case on the stock, see TheStreet chartist Bruce Kamich.

At the same time, The Wall Street Journal published a skeptical piece, noting the competitive nature of the industry and the short interest on Grubhub stock.

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