DoorDash set quarterly records for total orders and revenue despite slowing U.S. restaurant traffic.
FILE - A DoorDash sign is posted on the door of a Dunkin' Donuts franchise, Feb. 27, 2023, in Methuen, Mass. DoorDash reports earnings on Thursday, Aug. 1, 2024. said Thursday that it set records for orders and revenue in the second quarter, growth that came despite slowing U.S. restaurant traffic.
The San Francisco-based delivery company said its total orders rose 19% to 635 million in the April-June period. That was ahead of the 625 million Wall Street expected, according to analysts polled by FactSet.DoorDash said revenue rose 23% to $2.6 billion, which also exceeded analysts’ forecast of $2.5 billion.consumers opt to cook at home. Circana, a market research firm, said restaurant traffic was down 2.6% in the first half of the year.
DoorDash narrowed its net loss to $158 million, or 38 cents per share. Analysts had forecast a per-share loss of 9 cents. The far higher figure may disappoint investors, who have DoorDash said its marketing and development costs rose in the quarter, and it also booked expenses for office lease impairment charges and litigation reserves.
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