DoorDash, Inc. (NASDAQ: DASH) the online marketplace and last mile delivery company, has released its second-quarter results. It has set new quarterly records for total orders, Marketplace GOV, and revenue with year-over-year growth in revenue.
In releasing its second quarter results the company highlighted that over the last year, it has added important new merchants to its US marketplace in the grocery, beauty, home improvement, alcohol, and sporting goods categories.
“Our goal across all of these categories is to provide our merchant partners with world-class logistics, demand generation, digital ordering, and consumer service capabilities. In doing so, we hope to fuel local commerce by enabling consumers to connect with the local merchants they love with low friction, delightful speed, and excellent service.”
Reuters reports the online delivery platform’s shares up 13% at the close of trading on Thursday.
DoorDash key financial metrics
In the second quarter, the company added tens of thousands of new merchants to its marketplace.
- Total orders rose by 19% year-over-year, reaching US$635 million.
- Marketplace Gross Order Volume (GOV) grew by 20% year-over-year to US$19.7 billion.
- Revenue increased by 23% year-over-year to US$2.6 billion.
- Net Revenue Margin went up to 13.3% from 13.0% in Q2 2023.
- GAAP net loss, including redeemable non-controlling interests, was US$158 million, compared to US$172 million in Q2 2023.
- Adjusted EBITDA increased to US$430 million from US$279 million in Q2 2023.
Business developments
DoorDash offers access to a wide range of neighborhood essentials, including groceries, retail items, flowers, and food, from over 500,000 local merchants.
Last month the company entered into a partnership with Save A Lot for on-demand grocery delivery.
The international market has also responded well. “Similar to the US, we have expanded the number of categories we offer on our international marketplaces and are seeing an excellent consumer response, which suggests demand for convenience stretches across categories and across borders.”
NOW READ: DoorDash partners with Ulta Beauty for on-demand delivery
Photo Credit: DoorDash
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About the author
Sharl is a qualified journalist. He has over 10 years’ experience in the media industry, including positions as an editor of a magazine and Business Editor of a daily newspaper. Sharl also has experience in logistics specifically operations, where he worked with global food aid organisations distributing food into Africa. Sharl enjoys writing business stories and human interest pieces.
