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Investing.com -- DoorDash Inc. reported first-quarter earnings that beat analyst expectations, but revenue fell short of estimates. The company’s shares are down 4.5% in premarket trading.
The food delivery company posted adjusted earnings per share of $0.44, surpassing the analyst consensus of $0.40. However, revenue came in at $3.03 billion, below the $3.1 billion analysts had projected.
DoorDash (NASDAQ:DASH) saw strong growth in key metrics during the quarter, with total orders increasing 18% YoY to 732 million and marketplace gross order value (GOV) rising 20% YoY to $23.1 billion. The company also achieved a new quarterly record for GAAP net income at $193 million, up from a loss of $23 million in the same period last year.
"We believe these results reflect our relentless focus on building great products for consumers, merchants, and Dashers in the communities we serve around the world," said Tony Xu, CEO of DoorDash.
For the second quarter, DoorDash expects marketplace GOV between $23.3 billion and $23.7 billion, with adjusted EBITDA ranging from $600 million to $650 million.
The company also announced plans to acquire SevenRooms, a hospitality technology firm, for approximately $1.2 billion in cash. Additionally, DoorDash has made a formal offer to acquire Deliveroo (OTC:DROOF) for £2.9 billion, subject to regulatory approvals and other conditions.