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Mar 31, 2023
DoorDash Q1 2023 Earnings Report
DoorDash demonstrated strong performance, driven by growth in total orders and marketplace GOV, as well as improved operating efficiency and expense management.
Key Takeaways
DoorDash's Q1 2023 results showed a 27% increase in Total Orders to 512 million and a 29% increase in Marketplace GOV to $15.9 billion. Revenue increased by 40% to $2.0 billion. The company reported a GAAP net loss of $162 million, and Adjusted EBITDA increased to $204 million.
Total Orders increased 27% year-over-year to 512 million.
Marketplace GOV increased 29% year-over-year to $15.9 billion.
Revenue increased 40% year-over-year to $2.0 billion with Net Revenue Margin increasing to 12.8%.
Adjusted EBITDA increased to $204 million from $54 million in Q1 2022.
Forward Guidance
DoorDash anticipates Marketplace GOV between $15.9 billion and $16.2 billion and Adjusted EBITDA between $180 million and $230 million for Q2. For the full year 2023, DoorDash expects Marketplace GOV between $63.0 billion and $64.5 billion and Adjusted EBITDA between $600 million and $900 million.
Positive Outlook
- Key foreign currency rates remain relatively stable at current levels.
- Significant levels of ongoing investment in new categories.
- Significant levels of ongoing investment in international markets.
- Stock repurchase is an attractive use of capital.
- Net dilution in 2023 to be around 1%, prior to any additional potential stock repurchases.
Challenges Ahead
- Consumer spending in any of our geographies could deteriorate relative to our outlook, which could drive results below our expectations.
- Increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks.
- Changes in the international operating environment could negatively impact results versus our current outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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