DoorDash Revenue Jumps 36%, Beats Q2 Estimates Despite Missed Earnings Per Share

DoorDash reported a 36% increase in Q2 revenue to $4.45 billion, surpassing analyst predictions. Despite missing EPS estimates, the company provided strong guidance as delivery demand continues to rise. The growth is being fueled by DoorDash's grocery push, which is catching the attention of investors.

DASH reported second-quarter revenue of $4.45 billion, up 36% year over year and ahead of the roughly $4.34 billion consensus, while earnings came in at $0.46 per share against a $0.49 estimate. Shares were little changed in after-hours trade near $208.

The operating metrics were the stronger half of the print. Marketplace gross order value reached $33.1 billion, up 36%, on 970 million orders, up 27%, and adjusted EBITDA rose 40% to $914 million. GAAP net income attributable to common stockholders moved the other way, falling roughly 30% to $200 million from $285 million a year earlier, which is the gap between the headline growth and the EPS miss.

Guidance frames the debate. DoorDash sees third-quarter adjusted EBITDA of $950 million to $1.1 billion but flagged a weaker fourth quarter as a percentage of marketplace GOV on seasonal Dasher costs, higher insurance expense and continued investment. The grocery and new-verticals push is what is driving order frequency, and it is also what is absorbing the margin, so the question for the next two quarters is whether GOV growth above 30% persists as those investments annualize. Watch the take-rate trend and whether EBITDA margin expansion resumes in the fourth quarter.

Related Stocks

DASH