DoorDash rings up record first-quarter revenue and expands delivery reach through acquisitions
A DoorDash sign is posted on the door of a Dunkin' Donuts franchise, Feb. 27, 2023, in Methuen, Mass. (AP Photo/Charles Krupa, File) Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year]
DoorDash said Tuesday that demand for deliveries remained strong in the first quarter even as more Americans feel increasingly uneasy about the U.S. economy .
Total orders climbed 18% to 732 million, a quarterly record. Demand for grocery delivery surpassed prior quarters. DoorDash also added U.S. restaurants to its platform and broadened its geographic reach.
On Tuesday, the delivery company also announced a pair of major acquisitions.
DoorDash confirmed that it will acquire Britain's Deliveroo for 2.9 billion pounds ($3.9 billion) in cash , expanding its business in Europe, Asia and the Middle East. Deliveroo first announced it had received a bid from DoorDash just over a week ago.
It also said Tuesday that it had purchased SevenRooms, a New York company that makes hospitality management software, for $1.2 billion in cash. DoorDash said the deal will expand its offerings to merchants and help them grow in-store sales and customer relations.
DoorDash expects the SevenRooms deal to close in the second half of this year.
Revenue at DoorDash rose 21% to a quarterly record of $3.03 billion. That was short of Wall Street's forecast of $3.09 billion, according to analysts polled by FactSet.
Net income was $193 million, a year after the company reported a $23 million in the January-March period. Adjusted for one-time items, the company earned 44 cents per share, topping Wall Street expectations by a nickel.
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