DoorDash Inc (NYSE: DASH) stock rose over 21.7% on May 17th, 2021 (Source: Google finance) after the company’s gross orders were of $9.9 billion for the quarter, well above analysts’ expectations of $8.97 billion. That was more than three times its gross order volume of $3.08 billion in the year-ago quarter.
The company’s orders from its non-restaurant businesses grew 40% over the last quarter, and now make up more than 7% of all orders. The company had launched convenience-store deliveries about a year ago, is now No. 1 in that category. He added that DoorDash also leads in the consumer-pickup business, which he said brings consumers back to stores. The company is building out its technology for merchants to build their own channels. Q1 2021 Marketplace GOV rose 222% Y/Y to $9.9 billion. Average order values on the Marketplace in Q1 were consistent with levels in Q4, and remained above pre-COVID levels. The company expects the average order values to decline as markets recover from the COVID-19 pandemic and as Convenience orders become a larger portion of the overall mix.
The company has reported a first-quarter net loss of $110 million, or 34 cents a share, compared with $129 million, or $2.92 a share, in the year-ago period. The company delivered the Adjusted Ebitda of $43 million, which the company stressed was its fourth straight quarter of Ebitda profitability. That compares to an adjusted Ebitda loss of $70 million in the year-ago quarter. The company raised its forecast for annual gross order value, as food delivery demand remained resilient in the first quarter against the backdrop of vaccine rollouts and easing COVID-19 restrictions encouraging people to dine out. DoorDash, along with rivals Uber Eats, Grubhub Inc and Postmates Inc have benefited from an increase in demand for app-based delivery services in the last year as the COVID-19 situation kept people at home.
The company had reported the adjusted revenue growth of 198 percent to $1.08 billion in the first quarter of FY 21, beating the analysts’ estimates for revenue of $994.3 million. Analysts surveyed by FactSet had forecast a loss of $63 million, or 8 cents a share. Adjusted Gross Profit grew 203% Y/Y to $528 million. In Q1 2021, the company generated the operating cash flow of $166 million and free cash flow of $112 million. The company has ended the quarter with $4.5 billion of cash, cash equivalents, and marketable securities and no debt.