DoorDash (DASH) reported second quarter results that beat on both the top and bottom lines on Wednesday, with its orders also rising more than forecast.
Earnings per share came in at $0.65, $0.20 more than the Street had forecast. Adjusted EBITDA reached $655 million in the quarter.
Revenue grew 25% year over year to $3.28 billion, compared to the $3.17 billion the Street predicted.
Total orders, which means all orders through its marketplaces and commerce platform, also jumped 20% to 761 million in the quarter. That’s more than the 749 million analysts had anticipated.
Shares rose as much as 3% after the results.
Marketplace GOV, which is the total dollar value of transactions completed through the marketplace, including taxes, tips, and fees related to DashPass and its international platform Wolt+, clocked in at $24.2 billion compared to the expected $23.6 billion.
Year to date, the stock has been on a tear, up more than 50%, compared to the S&P 500’s (^GSPC) 8% gain.
The company said total orders were driven by strength in the US restaurant category, as its DashPass membership members ordered more frequently.
It added that it continues to “improve the value proposition” for its DashPass membership.
DoorDash expects marketplace GOV in the current quarter to come in between $24.2 billion and $24.7 billion. Adjusted EBITDA is expected to fall between $680 million and$780 million in its third quarter.
Source: finance.yahoo.com
