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DoorDash (DASH - Free Report) reported a first-quarter 2023 GAAP loss of 41 cents per share, narrower than the year-ago quarter’s loss of 48 cents per share.
The Zacks Consensus Estimate was pegged at a loss of 56 cents.
Revenues increased 39.8% year over year to $2.04 billion and surpassed the consensus mark by 6%.
Quarter in Details
In the first quarter of 2023, total orders increased 27% year over year to 512 million. Marketplace GOV increased 29% year over year to $15.91 billion.
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DoorDash (DASH) Reports Q1 Loss, Beats Revenue Estimates
DoorDash (DASH - Free Report) reported a first-quarter 2023 GAAP loss of 41 cents per share, narrower than the year-ago quarter’s loss of 48 cents per share.
The Zacks Consensus Estimate was pegged at a loss of 56 cents.
Revenues increased 39.8% year over year to $2.04 billion and surpassed the consensus mark by 6%.
Quarter in Details
In the first quarter of 2023, total orders increased 27% year over year to 512 million. Marketplace GOV increased 29% year over year to $15.91 billion.
DoorDash, Inc. Price, Consensus and EPS Surprise
DoorDash, Inc. price-consensus-eps-surprise-chart | DoorDash, Inc. Quote
In the reported quarter, the adjusted cost of revenues rose 39.6% year over year to $1.04 billion.
The adjusted gross margin was 45.3% compared with the 45.5% reported in the year-ago quarter.
In the quarter under review, adjusted sales and marketing expenses increased 18% year over year to $466 million.
In the first quarter, adjusted research and development expenses soared 46.6% year over year to $129 million.
Adjusted general and administrative increased 18.5% from the year-ago quarter to $199 million.
Adjusted EBITDA was $204 million compared with the year-ago quarter’s $54 million.
Balance Sheet and Cash Flow
As of Mar 31, 2023, DoorDash had $3.41 billion in cash and cash equivalents compared with $3.52 billion as of Dec 31, 2022.
Cash flow from operations was $397 million in the first quarter compared with the fourth-quarter 2022 cash flow of $23 million.
The free cash outflow in the first quarter was $316 million, higher than the fourth quarter’s $73 million.
Guidance
For the second quarter of 2023, DoorDash anticipates Marketplace GOV of $15.9-$16.2 billion. Adjusted EBITDA is expected to be $180-$230 million.
For 2023, the company anticipates Marketplace GOV of $63-$64.5 billion. Adjusted EBITDA is expected to be $600-$900 million.
Zacks Rank & Stocks to Consider
DoorDash currently has a Zacks Rank #3 (Hold).
The company’s shares have gained 28.7% year to date, outperforming the Zacks Computer & Technology sector’s growth of 17.9%.
Blink Charging (BLNK - Free Report) , Enfusion (ENFN - Free Report) and DigitalOcean (DOCN - Free Report) are some better-ranked stocks that investors can consider in the Zacks Computer & Technology sector. Enfusion sports a Zacks Rank #1 (Strong Buy), and Blink and DigitalOcean carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Blink Charging shares have declined 27.9% year to date. BLNK is set to report its first-quarter 2023 results on May 9.
Enfusion shares have gained 24% year to date. ENFN is set to report its first-quarter 2023 results on May 9.
DigitalOcean shares have gained 23% year to date. DOCN is set to report its first-quarter 2023 results on May 9.