DoorDash Inc raised its annual core profit forecast after beating quarterly revenue expectations on Thursday, benefiting from an increase in orders for food, groceries and convenience products despite stubbornly high inflation.
raised its annual core profit forecast after beating quarterly revenue expectations on Thursday, benefiting from an increase in orders for food, groceries and convenience products despite stubbornly high inflation.DoorDash and its competitors such as UberEats have gained from a pandemic-driven trend of consumers ordering from the comfort of their homes that has continued to thrive as the companies offer deals and free deliveries with membership passes.
"Consumer engagement and spending on the platform continues to be very strong," said finance chief Ravi Inukonda, adding " retention this past quarter is higher than the prior quarter.""We believe reflects continued market share gains by DoorDash across categories," Northcoast Research analyst Jim Sanderson said.
DoorDash's revenue rose 40% to $2.04 billion in the quarter ended March 31, compared to analysts' estimate of about $1.93 billion.
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