Nov 5 (Reuters) - DoorDash ( DASH ) forecast
fourth-quarter gross merchandise value above Wall Street
expectations and beat quarterly revenue estimates on Wednesday,
boosted by resilient demand for deliveries and partnerships with
restaurants and retailers.
The company expects gross merchandise value, the total
dollar value of orders placed through its platform, in the
fourth quarter, to range between $28.9 billion and $29.5
billion, surpassing estimates of $25.36 billion, according to
data compiled by LSEG.
DoorDash ( DASH ) has signed a series of partnerships, including
with robotics firm Serve Robotics ( SERV ), and retail outlets
companies like Domino's Pizza and Kroger ( KR ) as it looks to
expand its services to serve a broader range of customers
seeking last-mile delivery services.
GMV rose 25% to $25.02 billion in the third quarter ended
September 30, beating estimates of $24.09 billion, with total
orders climbing 21% year-over-year. Revenue increased to $3.45
billion, above expectations of $3.36 billion.
Net revenue margin rose to 13.8% from 13.5% a year earlier,
driven by strong advertising revenue.
Total costs and expenses rose to $3.19 billion from $2.60
billion a year ago. The company's partnerships also ticked up
costs in the quarter.
DoorDash ( DASH ) reported earnings of 55 cents per share, missing
estimates of 69 cents.