DoorDash shares are up 18% after hours.
Here’s how the company did it:
- Loss per share: 72 cents vs. Analysts expect 41 cents, according to Refinitiv data.
- Income: $1.61 billion, up from $1.52 billion, according to Refinitiv.
DoorDash reported that total delivered orders rose 23% year-on-year to 426 million, a record high.
Revenue was up 30% year-over-year, which the company attributed to an increase in order frequency and an increase in monthly active users.
DoorDash said it expects a “softer consumer spending environment” in the second half of the year. He warned investors that consumer spending could worsen faster than expected, which could lead to results below his expectations.
The company said it expects adjusted EBITDA to fall from $25 million to $75 million in the third quarter, in line with analysts’ expectations of $51.2 million, according to StreetAccount.
DoorDash said it recognizes that there are challenging macroeconomic conditions for consumers as they grapple with uncertainty and high inflation, but saw no change for its US customers.
“While we’ve seen a few outward signs of change in consumer discretionary spending, so far we’ve seen no change in consumer engagement in our US market that can be measured or distinguished from normal seasonal patterns,” the company said.
To offset the impact of high gas prices, DoorDash spent more than $40 million on additional fuel savings and mileage-based bonus payments to drivers in the second quarter. The company extended its gas saving program until August.
During the quarter, the company completed the acquisition of international food delivery platform Wolt. Wolt accounted for 12 million DoorDash orders.