2023-05-04 16:54:03 ET
DoorDash ( NYSE: DASH ) shares shot about 7% higher in Thursday’s extended session after topping Q1 expectations across the board.
For the first quarter, the San Francisco-based gig economy player posted a GAAP per share loss of $0.41, which was $0.15 lighter than expected. Meanwhile, a 36% jump in revenue to $2.04B outpaced estimates by $110M.
Total Orders increased 27% year-over-year to 512M and net revenue margin increased to 12.8% from 11.8% in the prior year period. The consensus estimate for total orders stood at 480.4M prior to the earnings release.
“The growth in the U.S. restaurant category in Q1 2023 was driven by strong underlying consumer behavior, as retention increased compared to Q4 2022 and order frequency reached an all-time high,” company statements explained. “Based on third-party data, we believe we gained share in the U.S. restaurant category in the quarter.”
Moving forward, management expects between $15.9B and $16.2B in marketplace gross order volume and adjusted EBITDA in the range of $180M to $230M for Q2. Analysts had expected adjusted EBITDA to reach $171.1M in Q2. For the full-year, gross order volume and adjusted EBITDA are expected to range from $63B to $64.5B and $600M to $900M, respectively. The latter figure was hiked from $500M to $800M.
“We caution investors that consumer spending in any of our geographies could deteriorate relative to our outlook, which could drive results below our expectations,” the earnings print cautioned. “Additionally, our increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks. Changes in the international operating environment could negatively impact results versus our current outlook.”
Shares of DoorDash ( DASH ) drove 5.38% higher shortly after the results were released .
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DoorDash stock drives higher on strong order growth, raised forecast