DoorDash Reports Strong Q2 2024 Results, Revenue Up 23% YoY, Adjusted EBITDA $430M

Aug 1, 2024, 08:21 PM

DoorDash Inc. reported its second-quarter 2024 financial results, showcasing significant growth across various metrics. The company posted a revenue increase of 23% year-over-year (YoY) to $2.63 billion, surpassing the estimated $2.54 billion. Total orders rose by 19% YoY to 635 million, while the Marketplace Gross Order Volume (GOV) increased by 20% YoY to $19.7 billion. Despite reporting an EPS of -$0.38, which fell short of the expected -$0.10, DoorDash's adjusted EBITDA for Q2 was $430 million, exceeding the prior guidance range of $325-425 million. The company also projected strong performance for the third quarter, with an expected adjusted EBITDA of $470-540 million, above the estimated $449.2 million. DoorDash's net revenue margin increased to 13.3%. The company attributed its robust performance to resilient consumer demand and growth from categories beyond restaurant orders. The positive financial results led to a 14% increase in DoorDash's stock price after hours.