DoorDash, Inc. (NASDAQ:DASH) shares are trading higher after the company reported better-than-expected third-quarter sales results.
What To Know: DoorDash reported earnings of losses of 19 cents per share, beating estimates of losses of 40 cents. The figure is up from losses of 77 cents per share year-over-year. Revenue clocked in at $2.164 billion, beating estimates of $2.092 billion.
Additionally, Total Orders increased 24% year-over-year to 543 million. Marketplace GOV increased 24% to $16.8 billion.
Adjusted EBITDA increased to $344 million from $87 million last year, and the margin (as a percentage of GOV) was 2.1%, up from 1.7% in the second quarter.
The company commented on the earnings, stating, “Excellent execution and continued investment allowed us to serve more consumers on more occasions than at any time in our history in Q3 2023, which drove strong year-over-year growth in Total Orders, Marketplace GOV, and revenue in the quarter.”
“Our broad-based growth and continued focus on expense discipline drove an improvement to our Q3 2023 GAAP net loss, including redeemable non-controlling interests versus Q3 2022, while Adjusted EBITDA reached an all-time high. We are excited by our progress so far in 2023, and even more so by the opportunity we have to further expand the scale, breadth, and impact of our business going forward.”
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DASH Price Action: Shares of DASH were up 6.85% at $81.10 in the after-hours session at the time of publication, according to Benzinga Pro.
Image by Dariusz Sankowski from Pixabay
