Orders rose 27% to 970 million and adjusted EBITDA reached $914 million, but third-quarter outlook was paired with a warning that fourth-quarter margins may weaken on higher costs.
DoorDash reported mixed second-quarter results, topping revenue expectations but missing on earnings, as investors weighed strong order growth against a softer profit figure and caution on later-year margins. Revenue rose 36% year over year to $4.45 billion, ahead of a Street consensus estimate of $4.34 billion, while earnings came in at 46 cents per share, below the 49-cent estimate. Total orders increased 27% to 970 million, second-quarter Marketplace GOV reached $33.1 billion, up 36%, and adjusted EBITDA climbed 40% to $914 million. The company also pointed to momentum in its U.S. grocery and retail business, where DashPass members accounted for around 75% of total orders in the quarter. For the third quarter, DoorDash guided Marketplace GOV to $33 billion to $34 billion and adjusted EBITDA to $950 million to $1.1 billion. It said fourth-quarter EBITDA would be weaker as a percentage of Marketplace GOV because of seasonal increases in Dasher costs, higher insurance expenses and increased investment. Shares faced pressure in after-hours trading following the release.