DoorDash (DASH) earnings Q2 2022

DoorDash reported second-quarter outcomes after the bell Thursday that beat Wall Road’s income expectations however confirmed a higher loss per share than anticipated.

Shares of DoorDash popped 18% in after-hours buying and selling.

Here is how the corporate did:

• Loss per share: 72 cents vs. 41 cents anticipated by analysts, in keeping with Refinitiv.
• Income: $1.61 billion vs. 1.52 billion anticipated by analysts in keeping with Refinitiv.

DoorDash stated the whole variety of orders it delivered grew 23% 12 months over 12 months to 426 million, an all-time excessive.

Income grew 30% 12 months over 12 months, which the corporate attributed to elevated order frequency and extra month-to-month lively customers.

DoorDash stated it anticipates a “softer shopper spending surroundings” within the second half of the 12 months. It cautioned traders that shopper spending may deteriorate sooner than anticipated, which may drive outcomes under its expectations.

The corporate stated it expects adjusted EBITDA to fall between $25 million and $75 million within the third quarter, a variety that covers analyst expectations of $51.2 million, in keeping with StreetAccount.

DoorDash stated it’s conscious that difficult macroeconomic situations exist for customers as they grapple with uncertainty and excessive ranges of inflation however that it has not seen adjustments in its U.S. buyer engagement.

“Though we now have seen a number of exterior indications of shifts in shopper discretionary spending, to this point we now have not seen adjustments to shopper engagement on our U.S. Market which might be measurable or distinguishable from regular seasonal patterns,” the corporate stated.

With the intention to offset the affect of excessive gasoline costs, DoorDash spent over $40 million offering further gasoline financial savings and mileage-based bonus funds to drivers within the second quarter. The corporate has prolonged its gasoline financial savings program by means of August.

The corporate accomplished its acquisition of worldwide meals supply platform Wolt through the quarter. Wolt accounted for 12 million of DoorDash’s whole orders.