Second-quarter revenue rose 36% as orders, Marketplace GOV and adjusted EBITDA increased, but earnings missed expectations and DoorDash warned fourth-quarter margins may weaken on higher costs.
DoorDash reported mixed second-quarter results, with revenue rising 36% year over year to $4.45 billion and topping consensus, while profit fell to $200 million, or 46 cents a share, from $285 million, or 65 cents a share, a year earlier. Total orders increased 27% to 970 million, Marketplace GOV reached $33.1 billion, up 36%, and adjusted EBITDA rose 40% to $914 million. Earnings missed expectations, with FactSet-cited consensus at 47 cents a share in the older report and a Street estimate of 49 cents in the newer report. DoorDash guided third-quarter Marketplace GOV to $33 billion to $34 billion and adjusted EBITDA to $950 million to $1.1 billion, while saying fourth-quarter EBITDA would be weaker as a percentage of Marketplace GOV because of seasonal Dasher costs, higher insurance expenses and increased investment.