DoorDash Inc. said Thursday that its business continues to grow, with total orders for the first quarter increasing 23% year over year to top 400 million for the first time, leading to a beat on revenue but larger losses than expected.
Shares of DoorDash DASH, -10.40% rose more than 9% after hours, after falling more than 10% in the regular session to close at $73.15. The company’s stock has fallen about 52% year to date, and Thursday had been on pace for its lowest close. DoorDash reported a first-quarter net loss of $159 million, or 48 cents a share, compared with a loss of $110 million, or 34 cents a share, in the year-ago period. Revenue grew to $1.46 billion from $1.08 billion in the year-ago quarter.
Losses increasing as expenses growing faster than revenue and inflationary pressure just starting to hit. Tough to see $DASH holding any gains as it remains structurally unprofitable with slowing growth in the face of serious headwinds.
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