DoorDash Reports Record Orders and Revenue in Q2, Boosts Full-Year Forecast
DoorDash, the popular food delivery service, has announced record-setting numbers for total orders and revenue in the second quarter. The San Francisco-based company revealed that its total orders surged 25% to 532 million, surpassing Wall Street’s expectations. Revenue also saw a significant increase of 33%, reaching $2.1 billion. The company’s growth is attributed to its expansion into grocery and convenience deliveries and enhanced driver efficiency. Furthermore, DoorDash has revised its full-year forecast upwards, expecting gross order values between $64.2 billion and $65.2 billion. Despite these positive figures, the company reported a net loss of $172 million for the quarter, which is an improvement from the previous year’s loss of $263 million in the same period. The company’s CEO, Tony Xu, expressed confidence in DoorDash’s long-term plans, indicating that it might continue to post losses as it invests in new delivery partnerships, international markets, and advertising.
Read the full article on AP News