DoorDash added users, surpassed sales forecasts in Q4
DoorDash has posted better-than-expected sales for its fourth quarter thanks to its growing active-user base and an expansion of its delivery options
DoorDash on Wednesday posted better-than-expected sales for its fourth quarter thanks to its growing active-user base and an expansion of its delivery options.
The San Francisco-based delivery company said its revenue grew 34% to $1.3 billion in the October-December period. That topped Wall Street’s forecast of $1.28 billion, according to analysts polled by FactSet.
DoorDash’s shares jumped 31% in after-market trading Wednesday. Prior to that surge, the stock was down 36% so far in 2022 through the end of Wednesday’s regular-session trading.
DoorDash said its active users —— or people who have placed an order in the last month —— grew 22% to a record 25 million. DashPass members —— who pay a $9.99 monthly fee for unlimited free deliveries —— grew to 10 million during the quarter, up from 9 million at the end of the third quarter.
Non-restaurant orders also grew as DoorDash added new partners like PetSmart and Ulta Beauty to its offerings. DoorDash said 14% of its active users ordered from a non-restaurant partner in December.
It said its total orders grew 35% to 369 million, also ahead of analysts’ expectations.
The company narrowed its loss to $155 million for the quarter, from $312 million in the same period a year ago. The latest quarter’s loss, of 45 cents per share, was higher than the 23-cent loss Wall Street had forecast.
DoorDash said it expects gross order volumes of $11.4 billion to $11.8 billion in the first quarter of this year, up from $11.2 billion in the fourth quarter.
The company said it may update that forecast when it completes its plan to buy Wolt Enterprises, a Finnish delivery service. DoorDash announced in November that it planned to buy Wolt for $8.1 billion; the deal is expected to close in the first half of this year.
