DOORDASH HITS RECORD FOR ORDERS, REVENUE IN SECOND QUARTER

DoorDash set records for total orders and revenue in the second quarter as its grocery and convenience deliveries accelerated and it improved driver efficiency.

The San Francisco-based delivery company said this week that its total orders rose 25% to 532 million for the April-June period. That was ahead of Wall Street’s forecast of 521 million, according to analysts polled by FactSet.

Revenue rose 33% to $2.1 billion, which was in line with analysts’ forecasts.

DoorDash raised its full-year forecast Wednesday. The company said it now expects gross order values between $64.2 billion and $65.2 billion for the year, up from the $63 billion to $64.5 billion previously forecast. DoorDash expects adjusted pretax earnings between $750 million and $1.05 billion, up from a range of $600 million to $900 million.

DoorDash’s shares rose 5% in after-hours trading.

DoorDash Chief Financial Officer Ravi Inukonda said the company is continuing to see growth in users and those customers are ordering more frequently. The 10-year-old company still delivers primarily from restaurants, but added grocery delivery in 2020 and convenience store delivery in 2021. Deliveries from sporting goods stores, pet stores and florists are also driving growth. The company delivered more than 200,000 flower orders during Mother’s Day week.