DoorDash Stock Gains on Q2 Beat & Better Than Expected Outlook
DoorDash (NYSE:DASH) shares rose more than 3% intra-day today following the company's release of a full-year forecast that surpassed expectations.
The company reported a loss per share of $0.44 on revenue of $2.13 billion for Q2. The expected loss per share was $0.41, and revenue was projected to be $2.06 billion. The number of orders rose by 25% year-over-year, reaching 532 million. Moreover, the marketplace gross order value witnessed a significant 26% increase, reaching $16.47 billion.
For the current quarter, DoorDash anticipates a marketplace gross order value of $16 billion, surpassing the Street estimate of $15.4 billion. Additionally, the full-year forecast for the marketplace gross order value is now projected to be $64.7 billion, up from the previous forecast of $63.75 billion, and exceeding the Street estimate of $62.66 billion.
| Symbol | Price | %chg |
|---|---|---|
| 035420.KS | 174800 | 0 |
| 035720.KS | 39800 | 0 |
| 0700.HK | 354.4 | 0 |
| GOOG.NE | 28.23 | 0 |
DoorDash Stock Gains 2% on Upgrade
DoorDash (NYSE:DASH) shares rose more than 2% intra-day today following an upgrade by Mizuho Securities analysts. The analysts upgraded the stock from Neutral to Buy and raised the price target to $105 from $90.
The upgrade is based on a deep analysis of key metrics, suggesting that Gross-Order-Value (GOV) growth is likely to surpass guidance and Street expectations in the second half of 2023. The analysts cited factors such as continued market share gains in the US, rational competition in Europe, moderated food inflation, and resilient consumer spending as drivers supporting this outlook.
DoorDash Reports Q2 Revenue Beat, While EPS Miss Estimates
DoorDash, Inc. (NYSE:DASH) reported its Q2 results, with EPS of ($0.72) coming in worse than the Street estimate of ($0.21). Revenue increased 30% year-over-year to $1.61 billion, beating the Street estimate of $1.52 billion.
The company anticipates Q3 Marketplace GOV of $13.0-$13.5 billion and adjusted EBITDA of $25-$75 million. For the full 2022 year, the company anticipates Marketplace GOV of $51.0-$53.0 billion and adjusted EBITDA of $200-$500 million.
According to the analysts at RBC Capital, the company’s quarterly results were somewhat mixed, with a modest downside to GOV but upside to EBITDA, and GOV guidance relatively in line with expectations.
Positively, the company isn’t letting the public market’s newfound appetite for profitability alter its strategy to fund growth initiatives with its core, which highlights high confidence that the machine is working well.
DoorDash Reports Q1 EPS Miss, Better Than Expected Revenues
DoorDash, Inc. (NYSE:DASH) reported its Q1 results, with revenue of $1.46 billion coming in better than the consensus estimate of $1.37 billion, while EPS of ($0.48) missing the consensus estimate of ($0.41).
US restaurant marketplace orders grew over 250% from Q1/20 to Q1/22. The number of orders during the quarter was 404 million, up 23% year-over-year.
Economies of scale are showing through lower Dasher costs quarter-over-quarter and year-over-year. The company anticipates more efficient capital redeployment at Wolt post-acquisition (expected to close in Q2/22), keeping the EBITDA outlook unchanged.
The company expects Q2 adjusted EBITDA of $0-$100 million, compared to the consensus estimate of $82.5 million, and marketplace gross order value of $12.1-$12.5 billion, compared to the consensus estimates of $12.11 billion.
