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DoorDash (DASH - Free Report) reported a GAAP loss of 6 cents per share in first-quarter 2024, narrower than the year-ago quarter’s loss of 41 cents. The figure beat the Zacks Consensus Estimate by 14.29%.
Revenues increased 23.5% year over year to $2.51 billion and surpassed the consensus mark by 2.37%. The upside was driven by strong performance in total orders and Marketplace GOV, alongside enhanced logistics efficiency and an increasing contribution from advertising.
DoorDash’s success in the first quarter was further bolstered by growth in its new verticals, particularly in the grocery segment, which witnessed triple-digit growth year over year.
The company’s shares have increased 28.9% year to date compared with the Zacks Computer & Technology sector’s increase of 7.5%.
In the first quarter of 2024, total orders increased 21% year over year to 620 million. The figure beat the Zacks Consensus Estimate by 2.35%.
Marketplace GOV increased 21% year over year to $19.2 billion. The figure beat the Zacks Consensus Estimate by 2.30%.
Adjusted gross margin was 48.7% compared with 49.1% reported in the year-ago quarter.
The contribution margin was 29.9% compared with 26.2% in the year-ago quarter.
In the quarter under review, adjusted sales & marketing expenses inched up 1.5% year over year to $473 million.
In the first quarter, adjusted research & development expenses rallied 24% year over year to $160 million.
Adjusted general & administrative expenses increased 10% from the year-ago quarter’s levels to $220 million.
Adjusted EBITDA was $371 million compared with the year-ago quarter’s adjusted EBITDA of $204 million.
Balance Sheet and Cash Flow
As of Mar 31, 2024, DoorDash had $4.49 billion in cash and cash equivalents and short-term marketable securities compared with $4.07 billion as of Dec 31, 2023.
Cash flow from operations was $553 million in the first quarter compared with the fourth-quarter 2023 cash flow of $485 million.
Free cash flow in the first quarter was $487 million, higher than the fourth quarter’s figure of $398 million.
Guidance
For the second quarter of 2024, DoorDash anticipates Marketplace GOV in the range of $19-$19.4 billion.
Adjusted EBITDA is expected to be $325-$425 million.
Image: Bigstock
DoorDash (DASH) Reports Q1 Loss, Beats Revenue Estimates
DoorDash (DASH - Free Report) reported a GAAP loss of 6 cents per share in first-quarter 2024, narrower than the year-ago quarter’s loss of 41 cents. The figure beat the Zacks Consensus Estimate by 14.29%.
Revenues increased 23.5% year over year to $2.51 billion and surpassed the consensus mark by 2.37%. The upside was driven by strong performance in total orders and Marketplace GOV, alongside enhanced logistics efficiency and an increasing contribution from advertising.
DoorDash’s success in the first quarter was further bolstered by growth in its new verticals, particularly in the grocery segment, which witnessed triple-digit growth year over year.
The company’s shares have increased 28.9% year to date compared with the Zacks Computer & Technology sector’s increase of 7.5%.
DoorDash, Inc. Price, Consensus and EPS Surprise
DoorDash, Inc. price-consensus-eps-surprise-chart | DoorDash, Inc. Quote
Quarter in Details
In the first quarter of 2024, total orders increased 21% year over year to 620 million. The figure beat the Zacks Consensus Estimate by 2.35%.
Marketplace GOV increased 21% year over year to $19.2 billion. The figure beat the Zacks Consensus Estimate by 2.30%.
Adjusted gross margin was 48.7% compared with 49.1% reported in the year-ago quarter.
The contribution margin was 29.9% compared with 26.2% in the year-ago quarter.
In the quarter under review, adjusted sales & marketing expenses inched up 1.5% year over year to $473 million.
In the first quarter, adjusted research & development expenses rallied 24% year over year to $160 million.
Adjusted general & administrative expenses increased 10% from the year-ago quarter’s levels to $220 million.
Adjusted EBITDA was $371 million compared with the year-ago quarter’s adjusted EBITDA of $204 million.
Balance Sheet and Cash Flow
As of Mar 31, 2024, DoorDash had $4.49 billion in cash and cash equivalents and short-term marketable securities compared with $4.07 billion as of Dec 31, 2023.
Cash flow from operations was $553 million in the first quarter compared with the fourth-quarter 2023 cash flow of $485 million.
Free cash flow in the first quarter was $487 million, higher than the fourth quarter’s figure of $398 million.
Guidance
For the second quarter of 2024, DoorDash anticipates Marketplace GOV in the range of $19-$19.4 billion.
Adjusted EBITDA is expected to be $325-$425 million.
Zacks Rank & Other Stocks to Consider
DASH currently carries a Zacks Rank #2 (Buy).
Arista Networks (ANET - Free Report) , Applied Material (AMAT - Free Report) and Dell Technologies (DELL - Free Report) are some other top-ranked stocks that investors can consider in the broader sector. ANET sports a Zacks Rank #1 (Strong Buy), while DELL and AMAT carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks’ shares have increased 8.4% year to date. ANET is set to report its first-quarter 2024 results on May 7.
Applied Material’s shares have gained 19.7% year to date. AMAT is set to report second-quarter fiscal 2024 results on May 16.
Dell Technologies’ shares have surged 55.3% year to date. DELL is set to report its first-quarter fiscal 2025 results on May 30.