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DoorDash (DASH - Free Report) shares have returned 22% in the past six months compared with the Zacks Computer & Technology sector’s rise of 7.4%. The uptick can be attributed to solid total orders and Marketplace GOV.
Total orders increased 24% year over year to $543 million. Marketplace GOV increased 24% year over year to $16.8 billion.
DoorDash reported third-quarter 2023 revenues of $2.2 billion, which increased 27% year over year, thanks to a strong portfolio, improvements in logistics efficiency and the growing contribution from advertising.
DASH is expanding its horizons by welcoming dynamic retail partners to its Marketplace, catering to the diverse needs of consumers embarking on active and wellness journeys.
Standing out as the premier marketplace in North America, DoorDash boasts more than 100,000 non-restaurant stores on its Marketplace and Drive platforms, offering nearly 2 million products ranging from clothing and makeup to household essentials.
Among the latest additions to DASH's retail family are Camping World, the foremost RV and outdoor recreation retailer; Golf Galaxy, a leading golf specialty store; JD Sports and Finish Line, global icons in sports fashion; and The Vitamin Shoppe, a trusted destination for health and wellness solutions.
With these additions, DoorDash provides consumers with seamless access to a variety of products, from athletic gear to nutritional supplements, reinforcing its commitment to meeting the evolving daily needs of its diverse user base.
As a token of celebration, the firm is offering a 20% discount on eligible orders of $30 or more through Jan 31, using the promo code NEWYOU20 at participating locations. These retail partners will also be accessible through DashPass, DoorDash’s membership program, providing members with exclusive benefits across various categories.
Robust Portfolio Aids Prospects
The latest move is in sync with the company's portfolio expansion, integrating retail giants and diversifying its marketplace offerings beyond restaurants and providing consumers with a broad array of products.
In November, DASH and Best Buy expanded the partnership to enable on-demand delivery of a wide range of consumer electronics. The expansion will offer customers nationwide access to Best Buy's products within an hour through DoorDash’s platform, just in time for the holidays.
To expand its on-demand grocery delivery services in Northern California, the company partnered with Gus’ Community Market and New Leaf Community Markets. This collaboration gives consumers access to locally sourced and quality selections from these community markets, further enhancing DoorDash's presence in the grocery delivery space.
In September, DASH entered a collaboration with ALDI, expanding delivery services to over 1,200 locations. This move ensures that approximately 80% of its customers have age-verified access to alcohol delivery, catering to diverse consumer preferences.
The firm’s strong portfolio and partner base are contributing to its growth prospects continuously, thereby driving top-line growth.
For the fourth quarter of 2023, DoorDash expects Marketplace GOV in the range of $17-$17.4 billion.
The Zacks Consensus Estimate for fourth-quarter 2023 revenues is pegged at $2.24 billion, indicating 23.44% year-over-year growth.
Image: Bigstock
DoorDash (DASH) Marketplace Expansion Boosts Growth Prospects
DoorDash (DASH - Free Report) shares have returned 22% in the past six months compared with the Zacks Computer & Technology sector’s rise of 7.4%. The uptick can be attributed to solid total orders and Marketplace GOV.
Total orders increased 24% year over year to $543 million. Marketplace GOV increased 24% year over year to $16.8 billion.
DoorDash reported third-quarter 2023 revenues of $2.2 billion, which increased 27% year over year, thanks to a strong portfolio, improvements in logistics efficiency and the growing contribution from advertising.
DASH is expanding its horizons by welcoming dynamic retail partners to its Marketplace, catering to the diverse needs of consumers embarking on active and wellness journeys.
DoorDash, Inc. Price and Consensus
DoorDash, Inc. price-consensus-chart | DoorDash, Inc. Quote
Standing out as the premier marketplace in North America, DoorDash boasts more than 100,000 non-restaurant stores on its Marketplace and Drive platforms, offering nearly 2 million products ranging from clothing and makeup to household essentials.
Among the latest additions to DASH's retail family are Camping World, the foremost RV and outdoor recreation retailer; Golf Galaxy, a leading golf specialty store; JD Sports and Finish Line, global icons in sports fashion; and The Vitamin Shoppe, a trusted destination for health and wellness solutions.
With these additions, DoorDash provides consumers with seamless access to a variety of products, from athletic gear to nutritional supplements, reinforcing its commitment to meeting the evolving daily needs of its diverse user base.
As a token of celebration, the firm is offering a 20% discount on eligible orders of $30 or more through Jan 31, using the promo code NEWYOU20 at participating locations. These retail partners will also be accessible through DashPass, DoorDash’s membership program, providing members with exclusive benefits across various categories.
Robust Portfolio Aids Prospects
The latest move is in sync with the company's portfolio expansion, integrating retail giants and diversifying its marketplace offerings beyond restaurants and providing consumers with a broad array of products.
In November, DASH and Best Buy expanded the partnership to enable on-demand delivery of a wide range of consumer electronics. The expansion will offer customers nationwide access to Best Buy's products within an hour through DoorDash’s platform, just in time for the holidays.
To expand its on-demand grocery delivery services in Northern California, the company partnered with Gus’ Community Market and New Leaf Community Markets. This collaboration gives consumers access to locally sourced and quality selections from these community markets, further enhancing DoorDash's presence in the grocery delivery space.
In September, DASH entered a collaboration with ALDI, expanding delivery services to over 1,200 locations. This move ensures that approximately 80% of its customers have age-verified access to alcohol delivery, catering to diverse consumer preferences.
The firm’s strong portfolio and partner base are contributing to its growth prospects continuously, thereby driving top-line growth.
For the fourth quarter of 2023, DoorDash expects Marketplace GOV in the range of $17-$17.4 billion.
The Zacks Consensus Estimate for fourth-quarter 2023 revenues is pegged at $2.24 billion, indicating 23.44% year-over-year growth.
Zacks Rank & Stocks to Consider
Currently, DASH carries a Zacks Rank #3 (Hold).
Camtek (CAMT - Free Report) , InterDigital (IDCC - Free Report) and Fair Isaac (FICO - Free Report) are some better-ranked stocks that investors can consider from the broader sector, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CAMT, IDCC and Fair Isaac shares have returned 64.1%, 6.7% and 47%, respectively, in the past six months.
Long-term earnings growth rates for Camtek, InterDigital and Fair Isaac are 12.26%, 17.44% and 17.36%, respectively.