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DoorDash Second-Quarter Revenue Tops Views, Earnings Falls Short

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DoorDash Second-Quarter Revenue Tops Views, Earnings Falls Short

DoorDash (DASH) late Wednesday delivered a second-quarter revenue beat amid order momentum, while the food delivery company's earnings fell more than expected.

Revenue advanced 36% year over year to $4.45 billion, compared with the FactSet-polled consensus of $4.34 billion. Earnings per share fell to $0.46 during the June quarter from $0.65 a year earlier, missing Wall Street's view of $0.47.

DoorDash's shares rose 2.6% in after-hours activity. The stock has declined 8.5% this year through Wednesday close.

Marketplace gross order value -- the total value of all orders completed on its marketplaces, including taxes and tips -- climbed 36% annually to $33.08 billion, above analysts' expectations of $32.91 billion.

US restaurants' gross order value growth accelerated "slightly," driven by DashPass membership, while the grocery and retail categories showed "strong" annual gains, DoorDash said.

Total orders grew 27% to 970 million, while the market was expecting 968.5 million.

DoorDash projects third-quarter marketplace gross order value between $33 billion and $34 billion, compared with consensus estimates of $33.39 billion.

Wedbush Securities expected a "balanced" second-quarter print, saying investor focus remained on margin expansion.

"Consumer demand and the core US restaurant vertical remain resilient, with all-time-high (monthly active users), rising frequency, and record subscription quarters across DashPass and Gold," Wedbush analysts said in a note late last month. "Outside of margins, GOV trends and how the health of the consumer holds up is the largest debate."

Earlier in the day, Uber Technologies (UBER) said its second-quarter delivery bookings advanced 26% annually to $27.46 billion.

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