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DoorDash Stock Drops on Wider-Than-Expected Loss

DoorDash stock dropped after the food-delivery service reported a second-quarter loss wider than analysts expected.
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Shares of DoorDash  (DASH) - Get Free Report dropped after the food-delivery service reported second-quarter results that were below analyst expectations.

The San Francisco company reported a second quarter net loss of 30 cents a share as revenue rose 83% to $1.24 billion. A year earlier DoorDash reported profit of 52 cents a share.

Analysts polled by FactSet were expecting a net loss of 20 cents a share on revenue of $1.09 billion. 

The company reported second-quarter earnings before interest, taxes, depreciation and amortization of $113 million, a 43% year over year increase. 

Total orders in the second quarter rose 69% to 345 million

DoorDash shares at last check dropped 3.6% to $181.84. 

The company expects adjusted Ebitda of as much as $100 million in the third quarter and between $150 million and $350 million for the full year. 

The company says it plans to move deeper into non-restaurant delivery categories, like groceries and alcohol. DoorDash will increase its investment in those categories in the second half. 

The company added more than 5,000 convenience stores to its marketplace in the second quarter, as well as Albertsons supermarkets and PetSmart pet-care outlets.