DoorDash Inc.’s second-quarter revenues have nearly doubled, demonstrating the resilience of food delivery, despite restaurants reopening nationwide and people starting to move again.
Revenue for the three months ending June 30 was $ 1.24 billion, up 83% from the year-ago quarter, when Covid-19 was closed nationwide due to its rapid growth. This is slightly higher than FactSet’s average analyst estimate of $ 1.10 billion polled.
This pandemic has brought unexpected benefits to DoorDash. According to market research firm Edison Trends, the company led more than half of the US food delivery market at the end of April. This is up from just over one-third in late 2019.
The health crisis has made consumers accustomed to the convenience of pressing a button. DoorDash has expanded to offer everything from toothpaste to toilet paper to Tylenol during a pandemic. It also expanded its logistics partnership with Walmart Inc. And Macy’s Inc. Delivered orders directly to retailers’ websites such as.
The continued demand for food delivery, coupled with DoorDash’s business partnership and expansion into new industries such as groceries and convenience items, has raised the company’s full-year outlook for the value of orders on the platform. DoorDash said it expects orders this year to range from $ 39 billion to $ 40.5 billion, up from the $ 35 billion to $ 38 billion forecast just three months ago.
DoorDash revenue grows 83% as consumers stick to food delivery
Source link DoorDash revenue grows 83% as consumers stick to food delivery