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DoorDash shares jumped 13% in extended trading on Thursday after the company reported second-quarter earnings that surpassed revenue expectations, showcasing robust growth in its delivery services.
Key Financial Highlights:
- Loss per Share: 38 cents, not directly comparable to the expected loss of 9 cents.
- Revenue: $2.63 billion, beating the anticipated $2.54 billion.
The food delivery giant’s revenue grew by 23%, rising from $2.13 billion a year earlier. Additionally, DoorDash narrowed its net loss to $157 million, or a loss of 38 cents per share, compared to a loss of $170 million, or 44 cents per share, in the same quarter last year.
DoorDash experienced significant growth in order volume, reporting 635 million total orders, a 19% increase year-over-year. The company’s Marketplace Gross Order Volume (GOV)—the total value of all orders placed—reached $19.71 billion, a 20% increase from the previous year.
Looking ahead, DoorDash provided a positive outlook for the third quarter, projecting Marketplace GOV between $19.4 billion and $19.8 billion. This guidance aligns closely with analysts’ expectations of $19.51 billion, according to StreetAccount estimates.
“We are very pleased with our financial performance in Q2 2024, as it reflects years of investment and product-level focus that drove strong growth and improved unit economics in several major areas of our business,” DoorDash stated in a release.
The company will further discuss its financial performance and future outlook during a quarterly call with investors scheduled for 5:00 p.m. ET.