DoorDash stock soars. We haven’t given up on food delivery.

Text size

DoorDash had 25 million active users during the quarter.

Michael M. Santiago/Getty Images


DoorDash

Shares soared in premarket trading on Thursday after the food delivery service posted strong fourth-quarter results.

The results weren’t stunning – and neither was the company’s guidance – but the company’s strength as people return to restaurants appears to be boosting investor confidence.

Other pandemic-era winners are seeing moderate growth as the economy reopens.

DoorDash shares rose 24% to $117.70 early Thursday.

DoorDash said it saw a record monthly user average in the quarter of more than 25 million, up 22% from a year ago.

For the quarter, DoorDash (ticker: DASH) reported revenue of $1.3 billion, up 34% year-over-year, and slightly above Wall Street consensus forecast of 1 .28 billion dollars. Total orders were 369 million, up 35% from a year ago, while gross market order volume was $11.2 billion, up 36% .

Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, was $47 million, compared to $94 million a year ago. According to generally accepted accounting principles, the company recorded a loss of $155 million, compared with $312 million a year earlier.

For the March quarter, DoorDash forecasts gross market order volume of between $11.4 billion and $11.8 billion, or $11.6 billion in the middle of the range, which is above the consensus forecast of $11.4 billion Wal Street. The company sees Adjusted Ebitda in the quarter ranging from zero to $50 million, below the old Wall Street consensus of $104 million.

For 2022, DoorDash forecasts gross market order volume of between $48 billion and $50 billion, with an adjusted Ebitda of between zero and $500 million. This forecast is in line with Wall Street forecasts, which called for $49.5 billion in gross orders and an adjusted Ebitda of $428 million.

“We are pleased with the consistent execution of our core restaurant business in 2021 and our progress in expanding the scope of our business into new categories, new services and new geographies,” the company said. in the announcement of its results. “In 2022, we intend to build on our strengths to drive more sales for merchants, create more revenue opportunities for Dashers, delight consumers in new ways, and increase the long-term profit potential of our business.”

Write to Eric J. Savitz at [email protected]