Business

DoorDash Earnings (DASH) Q2 2022


DoorDash delivery man

Source: DoorDash

DoorDash report second quarter results after the bell on Thursday, beat Wall Street’s revenue expectations but posted a larger-than-anticipated loss-per-share.

Here’s how the company did it:

  • Loss per share: According to Refinitiv, 72 cents compared to the 41 cents analysts expected.
  • Turnover: $1.61 billion versus $1.52 billion that analysts predicted according to Refinitiv.

DoorDash said the total number of orders it delivered grew 23% year-over-year to 426 million, an all-time high.

Revenue was up 30% year-over-year, which the company attributed to increased order frequency and higher monthly active users.

DoorDash said it anticipates a “softer consumer spending environment” in the second half of the year. It warned investors that consumer spending could fall faster than anticipated, which could lead to results below their expectations.

The company said it expected adjusted EBITDA to fall between $25 million and $75 million in the third quarter, a wide range that includes analyst expectations of $51.2 million, according to StreetAccount .

DoorDash said it is aware of the challenging macroeconomic conditions that exist for consumers as they grapple with uncertainty and high levels of inflation, but it has not seen changes. for consumer participation in the US market.

“While we have seen some external signs of a change in consumer discretionary spending, so far we have not seen changes to consumer engagement. on the U.S. market are measurable or distinguishable from conventional seasonal patterns,” the company said.

To offset the impact of high gas prices, DoorDash spent more than $40 million to provide additional gas savings and mileage-based bonuses to Dashers in the second quarter. The company has extended its gas-saving program to August 2022.

The company completed its acquisition of international food delivery platform Wolt during the quarter. Wolt accounts for 12 million of DoorDash’s total orders.



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