Citing continued strong demand for delivery, DoorDash Inc. on Wednesday reported records upon records: for quarterly total orders, gross order value and a high of more than 25 million active users.
“Demand on our Marketplace grew substantially in 2021, exceeding our expectations and the expectations of many who questioned the sustainability of demand as restaurants reopened,” the company said in its letter to shareholders.
DoorDash shares
DASH,
soared nearly 20% after hours, after falling nearly 7% in the regular session to close at $94.88.
Fourth-quarter gross-order value increased to $11.16 billion, exceeding analysts’ expectation of $10.64 billion, on 369 million orders, more than the 361 million orders analysts expected.
Though the delivery-app company handily beat analysts’ revenue forecasts, it posted bigger losses than analysts had expected for both the fourth quarter and the full year.
DoorDash revenue rose to $1.3 billion from $970 million in the year-ago quarter. The company reported a narrower fourth-quarter loss of $155 million, or 45 cents a share, compared with its net loss of $312 million, or $2.67 a share, in the year-ago period.
Analysts surveyed by FactSet had forecast a loss of $92 million, and an adjusted loss of 23 cents a share, on revenue of $1.28 billion.
For the full year, the company reported a net loss of $468 million, or $1.39 a share, on revenue of $4.9 billion. That compares with a loss of $461 million, or $7.39 a share, in the previous year. Analysts had expected a loss of $405 million, and an adjusted loss of $1.18 a share, on $4.78 billion in revenue.
DoorDash expects first-quarter gross-order value to range from $11.4 billion to $11.8 billion, and adjusted Ebitda of “$0 million to $50 million.” For 2022, the company expects gross-order value of $48 billion to $50 billion and adjusted Ebitda of between “$0 million and $500 million.”
Analysts expect first-quarter gross-order value of $11.41 billion and Ebitda of $104 million, and full-year gross-order value of $49.5 billion and Ebitda of $428 million.
Shares of DoorDash are down about 36% so far this year, while the S&P 500 Index
SPX,
has declined almost 7% year to date.
This post was originally published on Market Watch
