A DoorDash sign is pictured above a restaurant on the day they held their IPO in New York, December 9, 2020.
Carlo Allegri | Reuters
Shares of DoorDash jumped as much as 5% in extended trading on Thursday after the food delivery company report sales were better than expected in the fourth quarter and offer upbeat guidance for the current period.
Here’s how the company did it:
- Loss per share: $1.65 a share versus 68 cents, as analysts expect, according to Refinitiv
- Revenue: $1.82 billion versus $1.77 billion, as analysts expected, according to Refinitiv
The company also said it has approved a share buyback worth up to $750 million.
DoorDash attributed the larger-than-expected loss in the fourth quarter to fees related to the acquisition of Finnish food delivery company Wolt and the cost of stock-based compensation related to layoffs. previous Novemberresulted in 1,250 job cuts.
DoorDash said total orders delivered in the fourth quarter rose 27% to 467 million, beating Wall Street’s forecast of about 458 million orders, according to StreetAccount.
For the current quarter, DoorDash said it expects total market order volume to be between $15.1 billion and $15.5 billion. Analysts surveyed by StreetAccount are looking at $15 billion in total market order volume.
DoorDash said in its quarterly earnings report that president and COO Christopher Payne will retire from the company. Payne will be succeeded by DoorDash CFO Prabir Adarkar, who will assume the role of COO effective March 1. Ravi Inukonda, DoorDash’s vice president of finance and strategy, will become CFO.
