DoorDash stock pops after revenue beat, rosy guidance

Shares of DoorDash jumped as a lot as 6% in prolonged buying and selling Thursday after the meals supply firm reported better-than-expected gross sales for the fourth quarter and gave upbeat steerage for the present interval.

Here’s how the corporate did:

• Loss per share: $1.65 per share vs. 68 cents, as anticipated by analysts, in response to Refinitiv
• Revenue: $1.82 billion vs. $1.77 billion, as anticipated by analysts, in response to Refinitiv

The firm additionally mentioned it authorised a buyback of as much as $750 million of its shares.

DoorDash attributed the wider-than-expected loss for the fourth quarter to fees associated to its acquisition of Finnish meals supply firm Wolt, and stock-based compensation bills associated to the layoffs final November, which resulted in 1,250 jobs being lower.

DoorDash mentioned the overall variety of orders it delivered within the fourth quarter grew 27% to 467 million, which topped Wall Street’s projections for roughly 458 million orders, in response to StreetAccount.

For the present quarter, DoorDash mentioned it expects market gross order quantity to be between $15.1 billion and $15.5 billion. Analysts surveyed by StreetAccount had been searching for $15 billion in market gross order quantity.

DoorDash mentioned within the quarterly earnings report that its president and COO Christopher Payne will retire from the corporate. Payne will likely be succeeded by DoorDash CFO Prabir Adarkar, who will take over the COO function efficient March 1. Ravi Inukonda, DoorDash’s vice chairman of finance and technique, will grow to be CFO.