DoorDash orders hit record high, leading to revenue beat

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DoorDash Inc. said Thursday that its business continues to grow, with total orders for the first quarter increasing 23% year over year to top 400 million for the first time, leading to a beat on revenue but larger losses than expected.

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The delivery-platform company said first-quarter gross-order value increased to $12.4 billion, exceeding analysts’ expectation of $11.7 billion, on 404 million orders, more than the 396.7 million orders analysts expected. DoorDash also said it added more new consumers than any quarter since the first quarter of 2021, driving monthly active users and DashPass members to new highs, though it did not update those numbers. The company ended last year with 25 million users and 10 million DashPass subscribers.

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Shares of DoorDash DASH,
-10.40%
rose more than 9% after hours, after falling more than 10% in the regular session to close at $73.15. The company’s stock has fallen about 52% year to date, and Thursday had been on pace for its lowest close.

In a letter to investors, the company’s top executives said DoorDash gained market share, according to third-party data. YipitData said its email receipt data does show DoorDash market gains year over year, with the company now at 57% of the delivery market share in the US, while competitors Uber Technologies Inc.’s Uber,
-4.52%
Uber Eats and Just Eat Takeaway.com’s TKWY,
-11.69%
Grubhub have 31% and 11%, respectively.

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DoorDash reported a first-quarter net loss of $159 million, or 48 cents a share, compared with a loss of $110 million, or 34 cents a share, in the year-ago period. Revenue grew to $1.46 billion from $1.08 billion in the year-ago quarter.
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Analysts surveyed by FactSet had forecast an adjusted loss of 21 cents a share on revenue of $1.38 billion. DoorDash does not provide adjusted earnings per share numbers.

Adjusted Ebitda was $54 million, compared with $43 million in the year-ago quarter and above analysts’ expectation of $40 million. For DoorDash, Ebitda, or earnings before interest, taxes, depreciation and amortization, excludes additional items such as legal costs related to its ongoing battles over worker classification and reserves for collection of taxes that it does not expect to recur.

For the second quarter, DoorDash expects gross-order value of between $12.1 billion and $12.5 billion and adjusted Ebitda “between $0 and $100 million.” The company raised its full-year forecast for gross-order value from between $48 billion and $50 billion to between $49 billion and $51 billion.

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Credit: www.marketwatch.com /

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