DoorDash gained more than 6% on Thursday after a loss per share of $0.34, more than expected loss per share of $0.26, according to the company’s press release. The share gain was fueled by a higher gross order value forecast of $35-$38 billion in FY21, higher than the previous guide of $30-$33 billion.
- DoorDash now expects EBITDA to range from $0-$300 million in FY21, up from previous guidance of $0-$200 million.
- DoorDash first-quarter net loss was $110 million, less than a loss of $129 million in the comparable quarter of last year.
- The delivery start-up’s net sales climbed 198% to hit $1.08 billion, above estimated $993.3 million.
- Total orders hit 329 million during the quarter although price controls by various municipalities cut potential revenues by $31 million.
- DoorDash reported shortages in driver supply due to a surge in demand which resulted in lower margins in the first quarter.
- The company’s expansion in new delivery areas such as pet supplies, flowers, and groceries saw orders in the categories jump 40% from the previous quarter.
- Economic reopening is causing a negative impact on new customer acquisition and ordering but the company is optimistic of its full year prospects.
DoorDash stock is currently gaining. DASH: NYSE is up 16.43%
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