DoorDash's sales more than triple in Q4 due to pandemic

Posted 2/25/21

Meal delivery company DoorDash said its revenue more than tripled last year thanks to pandemic-driven demand, but it still lost money because it spent more heavily on marketing and expanding its …

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DoorDash's sales more than triple in Q4 due to pandemic

Posted

Meal delivery company DoorDash said its revenue more than tripled last year thanks to pandemic-driven demand, but it still lost money because it spent more heavily on marketing and expanding its business.

DoorDash reported a net loss of $312 million for the quarter that ended Dec. 31. The loss, of $2.67 per share, compared to a loss of $3.05 per share in the same quarter a year ago.

Wall Street had forecast DoorDash would post a fourth-quarter loss of 28 cents per share, according to analysts polled by FactSet. But their estimates had varied wildly. This was DoorDash’s first earning report .

DoorDash said revenue jumped 226% to $970 million for the October-December period. That outpaced analysts’ forecasts. Total orders more than doubled to 273 million.

For the full year, DoorDash reported a net loss of $461 million. That was an improvement from a loss of $668 million in 2019.

San Francisco-based DoorDash, which was founded in 2013, has never made a full-year profit.

Its stock was down almost 13% in after-hours trading following the release of the earnings report.

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