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DoorDash inventory pops after income beat, rosy steering

A DoorDash signal is pictured on a cafe at the day they hang their IPO in New York, December 9, 2020.

Carlo Allegri | Reuters

Stocks of DoorDash jumped up to 6% in prolonged buying and selling Thursday after the meals supply corporate reported better-than-expected gross sales for the fourth quarter and gave upbeat steering for the present length.

Here is how the corporate did:

Loss in line with proportion: $1.65 in line with proportion vs. 68 cents, as anticipated by way of analysts, in keeping with RefinitivRevenue: $1.82 billion vs. $1.77 billion, as anticipated by way of analysts, in keeping with Refinitiv

The corporate additionally mentioned it authorized a buyback of as much as $750 million of its stocks.

DoorDash attributed the wider-than-expected loss for the fourth quarter to fees associated with its acquisition of Finnish meals supply corporate Wolt, and stock-based reimbursement bills associated with the layoffs ultimate November, which led to 1,250 jobs being reduce.

DoorDash mentioned the entire choice of orders it delivered within the fourth quarter grew 27% to 467 million, which crowned Wall Boulevard’s projections for more or less 458 million orders, in keeping with 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 way of StreetAccount had been on the lookout for $15 billion in market gross order quantity.

DoorDash mentioned within the quarterly profits file that its president and COO Christopher Payne will retire from the corporate. Payne will probably be succeeded by way of DoorDash CFO Prabir Adarkar, who will take over the COO position efficient March 1. Ravi Inukonda, DoorDash’s vp of finance and technique, will transform CFO.

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