Proactive Investors - DoorDash Inc (NYSE:DASH) stock is indicated higher ahead of today’s open in New York after last night’s results which proclaimed the takeout and grocery delivery app’s “best quarter ever”.
On paper, the company lost some US$642mln in the fourth quarter, including dents from layoffs as well as write-offs related to its acquisition of European firm Wolt. It saw the loss balloon past market consensus forecasting which envisaged a US$265mln loss.
Nevertheless, it said adjusted earnings for the quarter reached an all time high for the company at US$117mln ahead of market expectations of around US$109mln.
DoorDash handled a total of 467mln orders in the quarter, for a total of 32mln active users, generating a total gross order value of US$14.4bn on the platform – beating expectations for 459.5mln orders and US$14.1bn of value.
Revenue for the three-month period amounted to US$1.8bn, from US$1.3bn in the same period last year, leading to a full-year revenue tally of US$6.58bn for 2022 from US$4.8bn in 2021.
“In Q4 and 2022, we generated strong growth in Marketplace GOV, grew our user base with an increased penetration of DashPass members, made significant improvements to the quality of the consumer experience, expanded the scale of our non-restaurant categories, and improved margin trends in many of our categories and countries,” chief executive Tony Xu said in a letter to shareholders.
He added: “In 2022, we remained maniacally focused on improving the consumer experience we provide.
“Our goal is to make our service at least a tiny bit better and more efficient every day, and then compound those gains over time, as we believe this improves the long-term growth and margin potential of our business.”
In New York, DoorDash shares were up US$3.74 or 5.6% trading at US$70.75 in pre-market exchanges.