Tony Xu, co-founder and CEO of DoorDash Inc.
David Paul Morris | Bloomberg | Getty Images
DoorDash shares rose more than 10% in prolonged trading after the company recorded revenue growth of 35%. in the first quarter, suggesting that the company’s core business, takeaway food delivery, may still grow even after the spikes caused by the pandemic.
However, the stock was hit during Thursday’s regular trading session, dropping more than 10%. a bad day for the markets in general.
Here’s how Doordash fared against Refinitiv’s consensus estimates:
- Loss per share: $ 0.48 loss per share versus $ 0.41 expected loss per share
- income: $ 1.46 billion versus an estimated $ 1.38 billion
DoorDash said the total number of orders delivered during the quarter increased 23% to 404 million and that it has added the majority of new customers to its service since the first quarter of 2021, during a significant wave of Covid infections in the United States.
However, DoorDash experienced a significantly slower revenue growth rate than in the same quarter of 2021, when net sales nearly tripled.
DoorDash said its EBITDA, which excludes some costs like its legal struggles over worker classification and taxes, rose to $ 54 million from $ 43 million in the March 2021 quarter.
DoorDash expects EBITDA to be between $ 0 and $ 100 million for the current quarter.
The company said in a letter to investors that DoorDash is gaining market share in the U.S. food delivery market and plans to spend the money created from food deliveries to move into other categories, including groceries, alcohol and delivery. retail. .
The company also said it paid fewer incentives and promotions to attract delivery workers than it did in the first quarter of 2021.