DoorDash delivers some piping hot profits, breaking a four-year losing streak
DoorDash posted its first quarterly profit since the pandemic on Wednesday, beating Wall Street expectations in virtually every metric.
The company made $162 million in profit in this most recent quarter, up from a $73 million loss at the same point last year. The last time DoorDash was in the green was in June 2020, when it made $23 million in profit.
DoorDash went public in December 2020, making this its first profitable quarter as a public company. Despite beating Wall Street expectations, the company’s stock slipped 0.29% in after-hours trading.
It reported 643 million orders, up from 543 million at the same point last year. The total value of those orders was $20 billion, up from $16.7 billion in 2023. Both metrics are closely watched by analysts and point to a consumer that’s still willing to spend on food delivery.
DoorDash also announced a partnership with Lyft, giving DashPass members certain benefits on the ride-hailing app. The partnership is a clear dig at Uber, a common rival that offers both ride-hailing and food-ordering services.
