DoorDash Inc. handily beat third-quarter revenue expectations and reported all-time highs in total orders and gross order value, though the food-delivery company’s quarterly loss was wider than expected in results reported Thursday.
shares shot up about 15% higher in after-hours trading. They had risen nearly 6% in the regular session to close at $47.77. DoorDash stock has fallen 68% year to date, compared with a 21% decline for the S&P 500 index.
In an interview with MarketWatch, Ravi Inukonda, DoorDash’s vice president of finance, said Thursday that the delivery-platform company’s numbers show that it is doing well despite economic uncertainty — and despite what analysts’ and other third-party data estimated — and is “generating a level of growth and cash that makes us an anomaly in today’s market.”
Gross delivery bookings for Uber Technologies Inc.’s
Uber Eats business, for example, rose about 7% year over year, while DoorDash’s gross order value grew 30% to $13.53 billion, exceeding the $13.24 billion that analysts surveyed by FactSet had expected. Total orders rose 27% to 439 million, beating the 433 million expected by analysts.
Inukonda also said the company’s “pace of new-consumer acquisition continues to be strong.”
DoorDash reported a third-quarter net loss of $295 million, or 77 cents a share, compared with a net loss of $101 million, or 30 cents a share, in the year-ago period. Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, was $87 million, compared with $86 million in the same period a year ago. Revenue rose to $1.7 billion from $1.28 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of $247 million, or 59 cents a share, on revenue of $1.63 billion. They had also expected adjusted Ebitda of $58 million.
DoorDash expects fourth-quarter gross order value of $13.9 billion to $14.2 billion, and adjusted Ebitda of $85 million to $120 million. Analysts had forecast a fourth-quarter loss of 44 cents a share on revenue of $1.68 billion; $13.7 billion in gross order value; and adjusted Ebitda of $91 million.