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DoorDash's orders and revenues jump in second quarter, but firm posts quarterly loss

Published 2022-08-05, 06:38 a/m
© Reuters.  DoorDash's orders and revenues jump in second quarter, but firm posts quarterly loss

DoorDash Inc (NYSE:DASH) shares are set to jump as the takeaway food delivery group reported a strong rise in orders but a larger-than-expected loss for the second quarter of the year.

Losses came to US$263mln or 72c per share for the June quarter, compared to a loss of US$102mln, or 30c per share a year earlier.

The stock is heading for a 10.3% rise on Friday to US$$89.75 based on pre-market trading, having fallen 44% so far this year.

The US company, which operates an online food ordering and food delivery platform, said US$45mln of its quarterly loss was due to its acquisition of Finland-based Wolt, which it bought for US$8.1bn.

Revenue jumped 30% to US$1.6bn, with total orders up 23%, and marketplace gross order volume (GOV) grew by 25% year over year to US$13.1bn, excluding the results of Wolt

Underlying profit (EBIDTA) was US$103mln below the US$113mln in the previous year's second quarter, with Wolt contributing a negative US$25mln, the company said.

The company expects to generate EBITDA of US$25-$75mln and marketplace gross order value of US$13-$13.5bn in the third quarter, as it raised its full-year gross order volume guidance to US$51-$53 billion.

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