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Monday October 3rd, 2022 3:46AM

DoorDash sales soar in Q1, but costs grow as well

By The Associated Press
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DoorDash sales soared in the first quarter as it added new users, but the delivery company’s losses also widened as it paid more to acquire partner businesses and drivers.

The San Francisco company said its revenue jumped 35% to $1.46 billion in the January-March period. That was well ahead of Wall Street’s forecast of $1.38 billion, according to analysts polled by FactSet.

DoorDash said its total orders grew 23% to 404 million, also topping analysts’ expectations. It said average order frequency per customer reached a record high as the company added more DashPass members, who pay a $9.99 monthly fee for unlimited free deliveries.

Still, DoorDash’s net loss widened to $167 million, from $110 million in the same period a year ago, as its sales and marketing expenses rose.

DoorDash said it lost 48 cents per share in the quarter, more than double the 21 cent loss Wall Street forecast.

DoorDash said it expects its acquisition of Finnish delivery service Wolt Enterprises to close in the second quarter. The $8.1 billion deal, announced last November, will bring DoorDash into 22 countries where it doesn’t currently operate, including Germany, Sweden, Hungary and Israel.

DoorDash shares jumped more than 9% in after-hours trading.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
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