Appetite for Just Eat takeaways tailed off in the last quarter
Just Eat orders rose 38% in the first nine months of 2016 but they only increased 36% in the last quarter of the year.
Shares in the company, which is now competing with the likes of Uber Eats, Amazon, and Deliveroo, dropped almost 7% off the back of the results, the biggest drop in nearly seven months.
David Reynolds, an analyst at Jefferies, said in a note cited by Bloomberg that the latest company update was "likely to disappoint".
He added: "No real knocks to the thesis, just a reality check as the guidance upgrade conveyor belt comes to a stop."
David Buttress, CEO of Just Eat, said in a statement: "Just Eat's reported order growth puts us in a strong position to deliver full year results in line with our previous financial guidance. We enter 2017 with continuing confidence in the business."
The results come after a busy year of acquisitions for Just Eat.
In December, Just Eat announced that it had agreed to acquire British takeaway service Hungryhouse from German parent company Delivery Hero for a base purchase price of £200 million, with a further cash consideration of up to £40 million, based on performance.
The company also said it was acquiring Canadian online food delivery service SkipTheDishes for an initial consideration of £66.1 million ($110 million Canadian dollars).
In August, it bought the British assets of food delivery startup Takeaway.com for an undisclosed price.
And in February, Just Eat spent £94.7 million to acquire Spain's La Nevera Roja, Italy's PizzaBo/hellofood Italy, Brazil's hellofood Brazil, and Mexico's hellofoodMexico.