GrubHub Inc GRUB shares dropped sharply Monday afternoon after reporting a lower profit in the third quarter.

GrubHub reported quarterly earnings of 27 cents per share, which met the analyst consensus estimate and is down from 45 cents per share in the same quarter last year. The company reported quarterly sales of $322.053 million, which missed the analyst consensus estimate of $330.46 million.

The food delivery service sees fourth-quarter sales between $315 million and $335 million compared to a $387.31 million estimate.

"Last year, in the fourth quarter, we made opportunistic investments to expand delivery market coverage, increase new diner advertising and accelerate our enterprise brand sales efforts," said Adam DeWitt, Grubhub President, and CFO. "Through the third quarter of 2019, we believe all three of these initiatives had a positive impact on our business and long-term shareholder value."

GrubHub's stock traded lower by 21% to $46.05 per share in Monday's after-hours session.