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Aug 6, 08:18 PM
DoorDash Jumps as Earnings Top Estimates, Q3 Order Outlook Surges
Company Earnings
Stocks
Business

DoorDash Jumps as Earnings Top Estimates, Q3 Order Outlook Surges

Authors
  • Bloomberg
  • WSJ Business News
  • Gary Black
15

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.

Written with ChatGPT .

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