DoorDash Stock Hits All-Time High on Record-Setting Results
DoorDash reported better-than-expected results as demand for its food delivery service grew.
The firm set quarterly records for earnings, revenue, total orders, and marketplace gross order value.
The news sent DoorDash shares to an all-time high.DoorDash (DASH) shares traded at an all-time high Thursday, a day after the food-delivery service posted better-than-anticipated results as orders jumped.
DoorDash reported second-quarter GAAP net income of $285 million, up from a loss of $157 million a year before and above the average estimate of analysts surveyed by Visible Alpha. Revenue was up 25% year-over-year to $3.28 billion, also more than forecasts. Total orders increased 20% to 761 million, and marketplace gross order value (GOV) rose 23% to $24.24 billion, topping expectations as well.
All four metrics were quarterly records.
'Notable Strength in the US Restaurant Category'
The company noted that orders accelerated in the U.S, with "notable strength in the U.S. restaurant category," and that they expanded even more in international markets.
It said the quarterly performance "reflects our team's innovation, operational excellence, and hard work, and we intend to continue investing to expand the scale, scope, and capabilities of our business going forward."
Shares of DoorDash advanced 4% to about $268 in recent trading after earlier hitting a record $278.15. They are up about 60% year-to-date.
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