DoorDash Reports First Quarterly Profit Since IPO with $162M Net Income, $2.7B Revenue

Oct 30, 2024, 08:20 PM

DoorDash has reported its first quarterly profit since going public, driven by a strong performance in Q3 2024. The company posted a net income of $162 million, significantly surpassing the IBES estimate of $77.1 million. Revenue for the quarter reached $2.7 billion, exceeding the expected $2.66 billion, marking a 25% year-over-year increase. Total orders grew by 18% to 643 million, and the gross order volume rose to $20 billion, up 19% year-over-year. DoorDash also reported an EPS of $0.38, beating the estimate of $0.22. The company achieved an adjusted EBITDA of $533 million and an adjusted EBITDA margin of 6%. The net revenue margin increased to 13.5% from 12.9% in Q3 2023. The company has forecasted a strong fourth quarter, expecting the Marketplace GOV to be between $20.6 billion and $21 billion. Additionally, DoorDash has announced a partnership with Lyft to offer ride discounts to its subscribers, aiming to enhance customer loyalty.