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Mar 31, 2024
DoorDash Q1 2024 Earnings Report
DoorDash's Q1 2024 performance was marked by new quarterly records in Total Orders, Marketplace GOV, and revenue, alongside improved net loss compared to the previous year.
Key Takeaways
DoorDash reported strong Q1 2024 results, achieving record highs in Total Orders, Marketplace GOV, and revenue, while also reducing its net loss compared to Q1 2023. The company focused on operational execution, expanding local commerce, and increasing long-term growth and profit potential.
Total Orders increased by 21% year-over-year to 620 million.
Marketplace GOV increased by 21% year-over-year to $19.2 billion.
Revenue increased by 23% year-over-year to $2.5 billion, with Net Revenue Margin rising to 13.1%.
GAAP net loss improved to $25 million, and Adjusted EBITDA increased to $371 million.
DoorDash
DoorDash
Forward Guidance
For Q2, DoorDash anticipates Marketplace GOV to be in the range of $19.0 billion to $19.4 billion, and Adjusted EBITDA to be between $325 million and $425 million.
Positive Outlook
- Continued investment in new categories and international markets.
- Assuming stable key foreign currency rates.
- Focus on protecting the accessibility and flexibility of dashing.
- Empowering local merchants to build successful businesses.
- Serving consumers a high-quality experience.
Challenges Ahead
- Potential deterioration in consumer spending in any geographies.
- Increasing international exposure heightens risks associated with operating in foreign markets.
- Geopolitical and currency risks.
- New earnings standards in Seattle and New York City are increasing costs to consumers and reducing sales to merchants.
- Regulations reduced Total Orders by less than 1% in Q1 2024.