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Consumer demand, engagement stronger than ever - CFO
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Posts Q2 revenue of $2.63 bln vs. est. of $2.54 bln
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Expects Q3 adjusted EBITDA between $470 mln and $540 mln
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Sees Q3 gross order value between $19.4 bln and $19.8 bln
By Granth Vanaik
Aug 1 (Reuters) - DoorDash ( DASH ) forecast
third-quarter core profit above expectations and surpassed
revenue estimates for the June quarter on Thursday, as more
customers used its online delivery platform to order food and
grocery items.
The company has expanded beyond its restaurant delivery
business in the U.S. into categories such as grocery and alcohol
and has forged new partnerships with retailers to fend off
rivals Uber Eats and Instacart.
DoorDash ( DASH ) expects third-quarter adjusted earnings before tax,
interest, depreciation and amortization (EBITDA) between $470
million and $540 million, compared to expectations of $453.2
million, according LSEG data.
Total orders jumped 19% to 635 million in the second-quarter
from a year earlier. The company, which had disclosed an
interest in a takeover of Britain's Deliveroo ( DROOF ), said
revenue soared 23% to $2.63 billion, compared with expectations
of $2.54 billion.
"Consumer demand on the platform is stronger than it's ever
been," CFO Ravi Inukonda told Reuters in an emailed statement.
The results come as investors worry over the firm's ability
to grow as U.S. restaurant demand slows. Analysts have called
such concerns "overblown".
"We have not seen any decline ... While some restaurants
have said in-store traffic is slowing, digital is growing,"
Inukonda said.
DoorDash ( DASH ) expects gross order value - a key industry metric
that shows total value of all app orders and subscription fees -
to be between $19.4 billion and $19.8 billion in the
third-quarter, compared with $16.75 billion a year earlier.
Net loss attributable to stockholders came in at $157
million, or 38 cents per share, in the quarter, compared to $170
million, or 44 cents, a year earlier.
DoorDash ( DASH ), which has seen higher labor expenses due to new
minimum pay regulation in New York City and Seattle for delivery
workers, said costs had gone down in the second quarter from the
prior three months.
