DoorDash (DASH) Q3 2022 Revenue

A bicycle courier carries a DoorDash bag during a delivery in New York City, Wednesday, Dec. 9, 2020.

Michael Nagle | Bloomberg | Getty Images

Shares of DoorDash jumped more than 14% in extended trading on Thursday after the food delivery company reported better-than-expected sales and total orders in the third quarter.

Here’s how the company did it:

  • Loss per share: 77 cents vs. 60 cents, as expected by analysts, according to Refinitiv
  • Revenue: $1.7 billion vs. $1.63 billion, as expected by analysts, according to Refinitiv

DoorDash said total orders delivered in the third quarter rose 27% to 439 million, beating Wall Street expectations of 433 million orders, according to StreetAccount.

However, its net loss widened to $295 million, a loss of 77 cents per share. It reported a net loss of $101 million, or a loss of 30 cents per share, in the year-ago period.

Strong order figures defy fears of a slowdown in food shipments, as historic inflation levels hit consumers’ wallets. Some restaurant chains have reported weaker sales or lower traffic in recent months, suggesting that consumers may not be dining out as much in order to save money.

DoorDash said it expects consumer spending strength to be consistent throughout the year. For the current quarter, it expects gross order value to be between $13.9 billion and $14.2 billion, higher than consensus estimate of $13.73 billion, according to StreetAccount. It’s also up from the third quarter, when gross order value jumped 30% year-over-year to $13.5 billion. Gross order value measures how much users spend on orders and subscription fees.

The company said it expects adjusted EBITDA of between $85 million and $120 million in the fourth quarter.

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