Summary
DoorDash, Inc. reported a significant improvement in its financial performance for the first quarter of 2024, narrowing its net loss to $23 million from $161 million in the same period last year. Revenue saw a healthy increase of 23% year-over-year, reaching $2.51 billion, driven by a 21% rise in Marketplace Gross Order Value (GOV) to $19.2 billion. The company also demonstrated strong operational leverage, with Contribution Profit more than doubling to $751 million and Adjusted EBITDA increasing to $371 million. Key to this performance was a substantial increase in cash flow from operations, which rose to $553 million, contributing to a robust free cash flow of $487 million. The company ended the quarter with a strong liquidity position, holding $5.1 billion in cash, cash equivalents, and marketable securities. Despite ongoing investments in growth and technology, DoorDash is effectively managing its costs, with sales and marketing expenses growing at a much slower pace than revenue. The company also announced a $1.1 billion share repurchase program, signaling confidence in its financial health and commitment to shareholder returns.
Financial Highlights
47 data points| Revenue | $2.51B |
| R&D Expenses | $279.00M |
| Operating Expenses | $2.57B |
| Operating Income | -$61.00M |
| Net Income | -$23.00M |
| EPS (Basic) | $-0.06 |
| EPS (Diluted) | $-0.06 |
| Shares Outstanding (Basic) | 405.48M |
| Shares Outstanding (Diluted) | 405.48M |
Key Highlights
- 1Revenue increased by 23% to $2.51 billion in Q1 2024.
- 2Marketplace GOV grew by 21% to $19.2 billion in Q1 2024.
- 3Net loss improved significantly, narrowing to $23 million from $161 million in Q1 2023.
- 4Contribution Profit more than doubled to $751 million.
- 5Adjusted EBITDA increased to $371 million from $204 million in Q1 2023.
- 6Free Cash Flow increased to $487 million.
- 7The company ended Q1 2024 with $5.1 billion in cash, cash equivalents, and marketable securities.