DoorDash Q2 Earnings: Revenue Beat, EPS Miss, Total Orders Up 19%, Results Reflect 'Years Of Investment And Product-Level Focus'

DoorDash Inc DASH reported financial results for the second quarter Thursday after the bell. Here’s a look at the key highlights from the quarter.

Q2 Earnings: DoorDash reported second-quarter revenue of $2.63 billion, beating the consensus estimate of $2.54 billion, according to Benzinga Pro. The company reported a quarterly loss of 38 cents per share, missing analyst estimates for a loss of 9 cents per share.

Revenue was up 23% on a year-over-year basis. Total orders increased 19% year-over-year to 635 million, and marketplace GOV jumped 20% year-over-year to $19.7 billion.

Net cash provided by operating activities was $530 million and free cash flow came in at $451 million in the quarter. DoorDash ended the second quarter with $3.43 billion in cash and equivalents.

“Our aim is to build a large and durable business by building services that expand the potential of local commerce. Our core competencies in that pursuit are customer obsession, attention to detail, and effort,” the company said.

“We are very pleased with our financial performance in Q2 2024, as it reflects years of investment and product-level focus that drove strong growth and improved unit economics in several major areas of our business,” the company added.

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Outlook: DoorDash expects third-quarter marketplace GOV to be between $19.4 billion and $19.8 billion. The company sees third-quarter adjusted EBITDA in the range of $470 million to $540 million.

DoorDash noted that the company has repurchased a total of 2.1 million shares of its common stock for $219 million under its February 2024 authorization year-to-date. DoorDash currently has approximately $881 million remaining under its buyback.

DoorDash’s management team will hold a conference call to discuss these results at 5 p.m. ET.

DASH Price Action: DoorDash shares were up 13.23% after hours at $122.51 at the time of publication Thursday, according to Benzinga Pro.

Photo: Diego Thomazini/Shutterstock.