February 21, 2023: On Thursday, shares of DoorDash increased 6% in extended trading after the food delivery business reported better-than-anticipated sales for the fourth quarter and provided upbeat guidance for the present period.
The firm also approved a buyback of nearly $750 million in shares.
DoorDash attributed the wider-than-anticipated loss for the fourth quarter to charges connected to its acquisition of Finnish food delivery company Wolt and stock-related compensation expenses related to the layoffs in the previous November, the outcome of 1,250 jobs being slashed.
DoorDash stated that the total number of orders it provided in the fourth quarter grew 27% to 467 million, topping Wall Street’s projections for roughly 458 million orders, according to StreetAccount.
DoorDash expects marketplace gross order volume for the current quarter to be between $15.1 billion and $15.5 billion.
Analysts surveyed by StreetAccount look for $15 billion in marketplace gross order volume.
DoorDash stated in the quarterly revenues report that its president and COO, Christopher Payne, will leave.
Payne will be grown by DoorDash CFO Prabir Adarkar, taking over the COO role by March 1. Ravi Inukonda, DoorDash’s vice president of finances and strategy, will likely be the CFO.
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