DoorDash Reports $162 Million Q3 Profit, Partners with Lyft

Oct 30, 2024, 08:13 PM

DoorDash has reported its first quarterly profit since its IPO, with a net income of $162 million for Q3 2024, surpassing Wall Street estimates. The company achieved a revenue of $2.7 billion, a 25% increase year-over-year, and a gross profit of $1.3 billion. Total orders grew by 18% to 643 million as the app expanded its non-restaurant offerings. The earnings per share (EPS) stood at $0.38. Additionally, DoorDash has announced a new partnership with Lyft to offer ride discounts to its subscribers, aiming to deepen customer loyalty. This partnership is part of a broader strategy as rideshare and delivery apps seek to enhance their services through collaborations. DoorDash also forecasts a strong fourth quarter, betting on increased demand for online delivery, and expects its adjusted EBITDA to exceed estimates.