Tony Sue, co-founder and CEO of DoorDash Inc.
David Paul Morris Bloomberg | Getty Images
Shares of DoorDash rose more than 10% in long-term trading after the company reports 35% revenue growth in the first quarter, suggesting that the company’s home-based food business may still grow even after peaks caused by the pandemic.
However, shares were broken during the regular trading session on Thursday, falling by more than 10% during a bad day for markets as a whole.
Here’s how DoorDash handled Refinitiv’s consensus assessments:
- Loss of share: $ 0.48 loss per share compared to the expected loss of $ 0.41 per share
- Income: $ 1.46 billion versus $ 1.38 billion projected
DoorDash said that the total number of orders it delivered during the quarter increased by 23% to 404 million and that it added the most new customers to its services since the first quarter of 2021, which is during a significant wave from Covid infections in the United States.
However, DoorDash reported a significantly slower revenue growth rate than in the same quarter of 2021, when net sales almost tripled.
DoorDash said its EBITDA, which excludes certain expenses, such as disputes over the classification of workers and taxes, rose to $ 54 million from $ 43 million in the March 2021 quarter.
DoorDash expects EBITDA of between $ 0 and $ 100 million this quarter.
The company said in a letter to investors that DoorDash has a market share in the food supply market in the United States and plans to spend the money generated by food supplies to move to other categories, including groceries, alcohol and retail .
The company also said it paid fewer incentives and promotions to attract delivery workers compared to the first quarter of 2021.