Shares of food delivery company DoorDash (DASH) have soared 30% higher after the company reported better-than-expected revenue for the fourth quarter of 2021.
The company also posted strong order numbers and added new users, suggesting that demand for food delivery services remains high as we emerge from the global pandemic.
For Q4, DoorDash reported a loss per share of $0.45 U.S. versus $0.25 U.S. expected, according to Refinitiv data. Revenue came in at $1.3 billion U.S. compared to $1.28 billion U.S. that was expected.
DoorDash was one of the biggest beneficiaries of stay-at-home trends during the pandemic, as many people relied heavily on food delivery services, instead of eating out at restaurants.
The company capitalized on the heightened demand by expanding beyond restaurants into delivering items ranging from flowers and pet supplies to alcohol and groceries.
Consumers continued to spend more on orders during the final quarter of last year. Fourth-quarter gross order value grew 36% year-over-year to $11.2 billion U.S., surpassing analysts’ projections of $10.6 billion U.S.
DoorDash reported that it fulfilled 369 million orders in the fourth quarter, higher than the 361 million orders analysts’ had expected.
For the full year, the company projects marketplace gross order value to come in between $48 billion U.S. and $50 billion U.S., which is in line with consensus estimates of $49.4 billion U.S.
Prior to today’s move higher, DoorDash stock had declined 35% year-to-date to $94.98 a share.
Related Stories
