DoorDash sales soar in Q1, but costs grow as well
ABC News
DoorDash sales soared in the first quarter as it added new users
DoorDash sales soared in the first quarter as it added new users, but the delivery company’s losses also widened as it paid more to acquire partner businesses and drivers.
The San Francisco company said its revenue jumped 35% to $1.46 billion in the January-March period. That was well ahead of Wall Street’s forecast of $1.38 billion, according to analysts polled by FactSet.
DoorDash said its total orders grew 23% to 404 million, also topping analysts’ expectations. It said average order frequency per customer reached a record high as the company added more DashPass members, who pay a $9.99 monthly fee for unlimited free deliveries.
Still, DoorDash’s net loss widened to $167 million, from $110 million in the same period a year ago, as its sales and marketing expenses rose.