
DoorDash Jumps as Earnings Top Estimates, Q3 Order Outlook Surges
DoorDash posted stronger-than-expected second-quarter results, underscoring resilient demand for meal and grocery deliveries even as consumers grow more cautious. Revenue rose 25% from a year earlier to $3.28 billion, topping the $3.16 billion consensus, while adjusted earnings came in at $0.65 a share versus the $0.44 analysts projected. The company generated net income of $285 million after a loss in the prior-year period. Operating metrics improved across the board. Total orders climbed 20% to 761 million and marketplace gross order value advanced 23% to $24.24 billion. DoorDash’s net revenue margin inched up to 13.5% from 13.3% a year ago, helped by advertising and an expanding mix of non-restaurant merchants. For the current quarter the San Francisco-based company forecast gross order value of $24.2 billion to $24.7 billion and adjusted EBITDA of $680 million to $780 million, both ahead of Wall Street expectations. The upbeat outlook sent the shares up as much as 6% in post-market trading. Management said the food-delivery market in the United States is consolidating further around DoorDash and Uber Eats. DoorDash also reiterated that its planned acquisition of U.K. rival Deliveroo remains on track to close in the fourth quarter.
Sources
- Gary Black
$DASH (+4% AH) beat 2Q estimates, and gave stronger than expected 3Q guidance. The U.S. restaurant delivery industry continues to consolidate into an oligopoly consisting of DoorDash (67% share) and UberEats (23% share). 2Q: - Marketplace GOV $24.2B vs $23.6B est - Orders 761M
- CNBC Tech
DoorDash shares rise on earnings, revenue beat https://t.co/JPOgT4c5U3
- Techmeme
DoorDash reports Q2 revenue up 25% YoY to $3.28B, vs. $3.16B est., total orders up 20% YoY to 761M, and forecasts Q3 gross order value above estimates (Juveria Tabassum / Reuters) https://t.co/Gu8lKmue2w https://t.co/QNw9PZDMbh https://t.co/ZOzeer2dpR
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