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DoorDash Inc. on Thursday said its gross order volume and total orders hit new records in the second quarter as demand for delivery remained strong even as in-restaurant dining resumed, though it forecast a drop-off in the third quarter.
Gross order volume rose 70% year over year to $10.5 billion, beating analysts’ average expectation of $9.78 billion, and total orders increased 69% to $345 million. Revenue climbed 83% to $1.2 billion from $675 million in the year-ago quarter.
“Consumers ordered more than they ever have in the history of the company,” Chief Financial Officer Prabir Adarkar told MarketWatch. “We generated more sales than ever in our history.”
But the company swung to a net loss of $102 million, or 30 cents a share, largely from employees being allowed to sell their shares after the company went public in December. That compares with profit of $23 million in the year-ago period. Adjusted EBITDA was $113 million, compared with $79 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of $75 million, or 6 cents a share, on revenue of $1.1 billion.
DoorDash shares
DASH,
sank after hours, falling about 6% after a decrease of almost 1% in the regular session to close at $188.21.
DoorDash said in its shareholder letter that its outlook “anticipates a seasonal decline in new consumer acquisition and order rates in Q3.” The company expects adjusted Ebitda of $0 to $100 million and marketplace gross order volume of $9.3 billion to $9.8 billion. Analysts had expected GOV of $8.6 billion.
Adarkar said two factors are affecting the “softness” of the company’s forecast despite it being higher than during the beginning of the year: seasonality, as in consumers going out to take advantage of the summer and eating out, and the continued uncertainty about the long-term effects of the pandemic.
The company raised its full-year guidance from between $35 billion and $38 billion in GOV to between $39 billion and $40.5 billion. It expected adjusted Ebitda of $150 million to $350 million.
DoorDash stock has risen 33% year to date. By comparison, the S&P 500 Index
SPX,
is up almost 19% so far this year.
