Tony Xu, Co-Founder and Chief Executive Officer of DoorDash Inc.
David Paul Morris | Bloomberg | Getty Images
DoorDash stock is up over 10% in extended trading after the company reported 35% revenue growth in the first quarter, suggesting the company’s core business, takeout food delivery, is still growing even after pandemic-related highs can.
However, the stock took a beating during Thursday’s regular trading session, falling over 10% on a bad day for markets in general.
Here’s how DoorDash compared to Refinitiv’s consensus estimates:
- loss per share: Loss of $0.48 per share versus expected loss of $0.41 per share
- revenue: $1.46 billion vs an estimated $1.38 billion
DoorDash said the total number of orders shipped during the quarter rose 23% to 404 million and that it saw the highest number of new customers since the first quarter of 2021, which came during a significant wave of Covid infections in the United States added to his service.
However, DoorDash saw significantly slower revenue growth than in the same quarter of 2021, when net revenue nearly tripled.
DoorDash said its EBITDA, which excludes certain costs such as worker classification litigation and taxes, increased to $54 million from $43 million in the March 2021 quarter.
For the current quarter, DoorDash expects EBITDA to be between $0 million and $100 million.
The company said in a letter to investors that DoorDash is taking market share in the grocery delivery market in the United States and plans to spend the money it generates from grocery delivery on other categories, including groceries, alcohol and retail delivery.
The company also said it paid fewer incentives and promotions to attract delivery workers compared to the first quarter of 2021.
https://www.cnbc.com/2022/05/05/doordash-dash-earnings-q1-2022.html DoorDash (DASH) earnings Q1 2022