Market Updates
DoorDash Revenues Rise 30%
Scott Peters
05 Aug, 2022
New York City
DoorDash increased 1.1% to $82.30 after the delivery company reported revenues in the second quarter increased 30% to $1.6 billion and total orders rose 23% to 426 million.
Net loss surged to $263 million from $102 million a year ago.
Excluding the recent acquisition Wolt, marketplace gross order volume grew 22% from a year ago to $12.8 billion, driven primarily by growth in average order frequency and new customers.
The price inflation lifted the average order size, but its contribution to the gross order volume was small.
Excluding Wolt, second quarter loss measured following the GAAP was $218 million.
Wolt GAAP Net Loss for the period from May 31 through the end of second quarter in June was $45 million.
The delivery company believes that its penetration remains below 5% of the restaurant delivery market and well below 1% of the convenience, groceries and non-food spending.
DoorDash is investing in its logistics capabilities to transform the demand-generating platform, where the selection is limited to restaurants or merchants with delivery staff, to logistics-enabled platform where the company can provide more reliable and consistent delivery experience.
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