- DoorDash, Inc DASH reported fourth-quarter revenue growth of 40% year-over-year to $1.81 billion, above analyst estimates of $1.77 billion.
- DoorDash reported a loss of $(1.65) per share, higher than the $(0.68) consensus.
- One area of strength for DoorDash is certainly its loyalty business, DashPass.
- DoorDash had 15 million total loyalty members last year, three million more than Uber Technologies, Inc UBER Uber One loyalty program included ride-hailing and delivery, the Wall Street Journal reports.
- DashPass appears to more than compensate for free delivery programs via business volumes.
- DashPass members spent "significantly more." Uber One members spend more than four times what nonmembers do monthly, Uber confirmed.
- DashPass subscribers accounted for 65% of DoorDash's gross food sales in January, WSJ wrote.
- DoorDash's relative suburban focus continues to pay off over domestic competitors like Gopuff, Instacart, and Uber.
- DoorDash's costly acquisition of Wolt in Europe also seems to add value.
- Wolt's gross order value rose 50% Y/Y in Q4 to roughly €1 billion, implying Wolt has grown to about half the size of competitor Just Eat Takeaway's Northern European business.
- This year's guidance for total gross order value came slightly below Wall Street's forecast at the midpoint, suggesting decelerating growth.
- In 2022 DoorDash beat the high end of its twice-raised guidance on that measure, so some embedded conservatism seems likely.
- Price Action: DASH shares traded higher by 5.4% at $70.50 premarket on the last check Friday.
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