DoorDash, Inc. (DASH) delivered a strong performance in the third quarter, exceeding analysts’ expectations and showcasing its continued growth trajectory. The company reported earnings of 38 cents per share, comfortably beating the analyst consensus estimate of 22 cents. Revenue also surpassed expectations, reaching $2.7 billion compared to the anticipated $2.66 billion. This represents a significant increase from the $2.16 billion in revenue generated during the same period last year.
The positive results were driven by a surge in both total orders and marketplace gross order value (GOV). Total orders rose by 18% year-over-year to 643 million in the third quarter. This growth was attributed to a combination of increased consumer engagement and a growing customer base. Marketplace GOV, which reflects the total value of orders placed through DoorDash’s platform, also saw a significant increase, climbing 19% year-over-year to $20 billion.
“In Q3 2024, we continued to drive strong growth in Total Orders, Marketplace GOV, and revenue, while generating positive GAAP net income for the first time as a public company,” DoorDash stated in its earnings release. The company emphasized its commitment to building a sustainable business that supports local merchants and strengthens local economies. “Our goal is to build a large and durable business that helps local merchants succeed and expands the potential of local economies. To do this, we must consistently invest in our existing services, launch entirely new services, and ensure we are generating strong returns on capital, so that we can invest even more in the future,” DoorDash added.
Following the earnings release, DoorDash shares dipped slightly in after-hours trading. However, the overall positive results suggest that the company remains on track for continued growth and success. Investors will be closely watching to see how DoorDash continues to navigate the competitive food delivery market and expand its services in the coming quarters.
