DoorDash reports Q2 revenue up 30% YoY to $1.6B, vs. $1.5B est., orders up 23% YoY to 426M, vs. 419M est., gross order value up 25% YoY to $13.1B; stock up 10%+
Exhibit 99.1 August 4, 2022 Fellow Shareholders, DoorDash's mission is to grow and empower local economies.
Context & Ripple Effects
DoorDash entered Q2 after a 369M-order Q4 and a 404M-order first quarter, with revenue and gross order value already growing faster than order volume. The latest result extends that sequence to 426M orders while clearing Wall Street's revenue, order, and gross-order-value expectations.
First-order effects
- DoorDash's revenue, orders, and gross order value all exceeded the stated estimates, and its shares rose more than 10% in response.
- DoorDash's above-estimate Q3 marketplace gross order value and adjusted EBITDA outlook raises the near-term performance benchmark set by the Q2 beat.
Second-order effects
- Wall Street's assessment of DoorDash shifts from a single-quarter revenue surprise to whether its next-quarter marketplace volume and adjusted EBITDA outlook can sustain the same momentum.
- The rise from 369M Q4 orders to 404M in Q1 and 426M in Q2 makes order scale a more central measure of DoorDash's execution alongside revenue and gross order value.
Third-order effects
- If DoorDash continues to grow revenue and gross order value faster than orders, the company’s marketplace model is increasingly being judged on how much economic activity it captures from each expanding order base, not order count alone.
The trend: DoorDash's results are one data point in the delivery platform shift toward pairing sustained order growth with greater revenue and gross-order-value capture per order base.