Doordash (DASH) Q3 2021 earnings

DoorDash introduced Tuesday it is buying Wolt, a meals supply platform that is expanded into groceries and retail, in an all-stock transaction that is valued at $8.1 billion.

The transfer is an effort to speed up the corporate’s worldwide development. Shares of DoorDash popped greater than 11% in after-hours buying and selling after an preliminary dip.

Wolt presently has about 4,000 staff and operates in 23 nations, the corporate stated in a launch. In January, the corporate stated it surpassed 10 million customers.

Upon closing, Miki Kuusi, present Wolt CEO and founder, will run DoorDash Worldwide. The deal is predicted to shut within the second half of 2022.

The announcement got here as a part of DoorDash’s third-quarter earnings report.

Listed below are the important thing numbers:

• Loss: 30 cents vs 26 cents anticipated in a Refinitiv survey of analysts
• Income: $1.28 billion vs $1.18 billion anticipated

DoorDash reported a web lack of $101 million. That is greater than double its lack of $43 million in the identical quarter of 2020.

DoorDash was one of many benefactors of stay-at-home developments as individuals relied closely on meals supply providers whereas taking precautions to attenuate the unfold of Covid-19.

The corporate stated that the variety of new shoppers acquired within the quarter was down in comparison with peak ranges in 2020. However that also stays “properly above” ranges in 2019 and prior years, it added. Complete orders had been up 47% to 347 million.

And shoppers had been spending extra on orders through the quarter. Market gross order worth jumped 44% to $10.4 billion. DoorDash stated it expects a variety of $10.3 billion to $10.7 billion within the fourth quarter.

Over 3 million individuals offered providers, or “dashed,” within the quarter to earn greater than $2.8 billion. The corporate additionally reported 500,000 companion retailers, saying it continues so as to add at a “tempo that’s sooner than pre-pandemic ranges.”

Adjusted EBITDA reached $86 million within the quarter, a lower of 24% in comparison with Q2. The corporate anticipates a variety of $0 million to $100 million within the fourth quarter.

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