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DoorDash posted stronger-than-expected results in the first quarter as it expanded into new markets overseas and new delivery categories at home.
The San Francisco company said its total orders rose 27% to 512 million in the January-March period. That was well above the 493 million Wall Street forecast, according to analysts polled by FactSet.
DoorDash acquired the Finnish delivery service Wolt Enterprises last summer, allowing it to expand in 22 countries where it previously had no presence, including Germany, Sweden, Hungary and Israel.
And in the U.S., the company said orders from convenience stores, groceries and other newer categories are growing faster than its traditional restaurant deliveries. DoorDash, which began delivering groceries in 2020, most recently announced a partnership with Aldi in February.
DoorDash said its revenue jumped 40% to $2 billion for the quarter. That was ahead of the $1.9 billion Wall Street forecast.
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But the company continued to struggle with the cost of expansion and integrating with Wolt. DoorDash said its sales and marketing expenses rose 20% in the quarter, while its research and development costs rose 56%.
DoorDash reported a net loss of $162 million, or 41 cents per share. That was narrower than the 58-cent loss analysts forecast.
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