$DoorDash(DASH.US)$ is trading significantly higher by 16.5% Thursday morning after the company announced better-than-expected top line results.
DoorDash said quarterly revenue grew 34% year-over-year to $1.3 billion, which beat the $1.28 billion estimate. The company reported an earnings loss of 45 cents per share, which came in below the estimate for a loss of 27 cents per share.
Orders totaled 369 million, up 35% year-over-year and monthly active users reached a record 25 million, up 22% year-over-year.
In 2022, we intend to build on areas of strength in order to drive more sales for merchants, create more earning opportunities for Dashers, delight consumers in new ways, and increase the long-term profit potential of our business."
- Doordash said.
DoorDash expects first-quarter marketplace gross order volume to between $11.4 billion and $11.8 billion. The company expects adjusted EBITDA to be between zero and $50 million in the first quarter.
Analyst Assessment: Multiple analysts adjusted price targets on the stock following DoorDash's financial results:
RBC Capital analyst Brad Erickson maintained DoorDash with an Outperform rating and lowered the price target from $175 to $142.
Needham analyst Bernie McTernan maintained DoorDash with a Buy rating and lowered the price target from $270 to $160.
JP Morgan analyst Doug Anmuth maintained DoorDash with a Neutral rating and lowered the price target from $175 to $162.