By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Private Banks RankingPrivate Banks Ranking
Notification Show More
Latest News
Deutsche Bank is not the next Credit Suisse, analysts say as panic spreads
Deutsche Bank is not the next Credit Suisse, analysts say as panic spreads
Finance
Apple CEO praises China’s innovation, long history of cooperation on Beijing visit
Business
Best Technical Analysis Courses in 2023
Investing
Elon Musk gives Twitter employees details on ‘very significant’ stock awards after relentless layoffs, cost-cutting: Report
Elon Musk gives Twitter employees details on ‘very significant’ stock awards after relentless layoffs, cost-cutting: Report
Finance
Intel co-founder Gordon Moore, prophet of the rise of the PC, dies at 94
Business
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
Reading: DoorDash projects strong demand for food, grocery orders; shares jump
Share
Private Banks RankingPrivate Banks Ranking
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
Search
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Private Banks Ranking > Blog > Business > DoorDash projects strong demand for food, grocery orders; shares jump
Business

DoorDash projects strong demand for food, grocery orders; shares jump

Private Banks Ranking
By Private Banks Ranking 1 month ago
Share
3 Min Read
SHARE

Feb 16 (Reuters) – DoorDash Inc (DASH.N) said on Thursday it would buy back $750 million worth of stock and projected a key profit measure above Wall Street estimates, following strong fourth-quarter growth thanks to a surge in orders for food, groceries, and petcare items.

Shares in the San Francisco-based company soared 12% after hours, before paring gains to trade up 6%.

DoorDash and its rivals such as UberEats (UBER.N) benefited from the pandemic-led trend of people ordering in, a habit that has lingered as these companies offer deals and free deliveries with subscription passes.

DoorDash expects gross order value – the total value of all app orders and subscription fees – to rise to $60 billion to $63 billion in 2023, from $53.4 billion in 2022. It expects adjusted EBITDA, a measure of profitability, between $500 million and $800 million, well ahead of analysts’ expectations of $591.8 million.

The company is gaining market share in the United States, “driven by increasing scale in non-restaurant categories,” said Angelo Zino, senior equity analyst at CFRA Research.

Latest Updates

View 2 more stories

“DASH is seeing sustained elevated orders in its core food delivery business, showing the stickiness of that business and the value consumers place on that service despite more challenging macro trends.”

The top U.S. food delivery company said orders in the fourth quarter surged 27% to 467 million from the prior year.

Revenue in the fourth quarter jumped 40% to $1.82 billion in the quarter ended Dec. 31, beating estimates of $1.77 billion, according to Refinitiv.

See also  US stocks mostly decline, Treasuries dip as inflation worries linger

However, net loss widened to $642 million, or $1.65 per share, from $155 million, or 45 cents a year earlier, due to costs related to stock-based compensation and staff cuts announced earlier in November.

The company named Ravi Inukonda as its new chief financial officer, effective March 1. Current finance chief Prabir Adarkar will take over as chief operating officer from Christopher Payne, who is retiring.

Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber

: .

Source link

You Might Also Like

Apple CEO praises China’s innovation, long history of cooperation on Beijing visit

Intel co-founder Gordon Moore, prophet of the rise of the PC, dies at 94

Microsoft threatens to restrict data from rival AI search tools, Bloomberg reports

Biden said federal deposit insurance could be tapped further if banks fail

Wall Street ends volatile week higher as Fed officials ease bank fears

TAGGED: demand, DoorDash, food, grocery, jump, orders, Projects, Shares, strong
Share this Article
Facebook Twitter Email Print
Share
Previous Article How big hedge funds would trade sticky inflation
Next Article SEC charges Do Kwon with fraud in connection with Terra collapse SEC charges Do Kwon with fraud in connection with Terra collapse
Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Private Banks RankingPrivate Banks Ranking
Follow US

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?