DoorDash delivery man
Shares of DoorDash jumped 18% in after-hours trading.
Here’s how the company did it:
- Loss per share: According to Refinitiv, 72 cents compared to the 41 cents analysts expected.
- Turnover: According to Refinitiv, analysts are predicting $1.61 billion versus $1.52 billion.
DoorDash said the total number of orders it delivered increased 23% year-over-year to 426 million, an all-time high.
Revenue was up 30% year-over-year, which the company attributed to increased order frequency and more monthly active users.
DoorDash said it anticipates a “softer consumer spending environment” in the second half of the year. It warned investors that consumer spending could fall faster than anticipated, which could lead to results below their expectations.
The company said it expected adjusted EBITDA to fall between $25 million and $75 million in the third quarter, a wide range that includes analyst expectations of $51.2 million, according to StreetAccount .
DoorDash said it is aware that challenging macroeconomic conditions exist for consumers as they grapple with uncertainty and high levels of inflation but they see no change in participation. of US customers.
“While we have seen some external signs of a change in consumer discretionary spending, so far we have not seen changes to consumer engagement. on the U.S. market are measurable or distinguishable from conventional seasonal patterns,” the company said.
To offset the impact of high gas prices, DoorDash spent more than $40 million to provide additional gas savings and mileage-based rewards to drivers in the second quarter. The company has extended its gas-saving program until the end of August.
The company completed its acquisition of international food delivery platform Wolt during the quarter. Wolt accounts for 12 million of DoorDash’s total orders.