DoorDash
shares headed higher in late trading Wednesday after the restaurant delivery service posted better-than-expected financial results for the third quarter along with fourth quarter guidance that topped Wall Street estimates. The consumer might be cutting back, but they’re apparently still ordering out.
DoorDash shares rallied 7.3% in after-hours trading, to $81.40.
For the quarter, DoorDash (ticker: DASH) posted revenue of $2.2 billion, up 27% from a year ago, and above the Wall Street consensus estimate of $2.1 billion. Under generally accepted accounting principles, the company lost $75 million in the quarter, narrowing from a loss of $172 million in the June quarter, and $296 million a year earlier.
Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, was $344 million, compared with $279 million in the second quarter, and $87 million a year earlier.
Total orders were 543 million, up 24%, and above the consensus tracked by FactSet of 520 million. Marketplace gross order value was $16.75 billion, 24% higher, and ahead of the Street forecast at $16.1 billion.
DoorDash said the quarter was its best as a public company as measured by gross order volume, revenue, GAAP net loss and adjusted Ebitda. Monthly active users were up double-digits in September, the company said.
DoorDash also said it has now completed the $750 million stock repurchase authorization announced in February.
For the fourth quarter, DoorDash sees Marketplace gross order volume of between $17 billion and $17.4 billion, above the Wall Street consensus of $16.6 billion, with adjusted Ebitda ranging from $320 million to $340 million, also well ahead of consensus at $249 million
Write to Eric J. Savitz at [email protected]
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