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Jun 30, 2021
DoorDash Q2 2021 Earnings Report
DoorDash's performance in Q2 2021 was marked by record Total Orders and Marketplace GOV, increased order frequency, and growth in DashPass subscribers, alongside strategic investments in new categories and international markets.
Key Takeaways
In Q2 2021, DoorDash reported significant growth, with revenue increasing by 83% year-over-year to $1.2 billion, Total Orders growing by 69% to 345 million, and Marketplace GOV growing by 70% to $10.5 billion. The company achieved an Adjusted EBITDA of $113 million while continuing to invest in new categories and international markets. However, GAAP net loss was $102 million, a shift from net income of $23 million in Q2 2020.
Established new quarterly records for Total Orders and Marketplace GOV.
Increased average order frequency to record levels and grew DashPass subscribers Q/Q.
Drove Adjusted EBITDA of $113 million while increasing investment in new categories and international markets.
Gained 3 percentage points of U.S. category share from March 2021 through June 2021.
DoorDash
DoorDash
Forward Guidance
DoorDash anticipates a seasonal decline in new consumer acquisition and order rates in Q3 and increased investments in new categories, international markets, and Platform Services in Q3 and Q4. Significant uncertainty remains and consumer behavior could deviate from expectations.
Positive Outlook
- Q3 Marketplace GOV to be in a range of $9.3 billion to $9.8 billion.
- Q3 Adjusted EBITDA in a range of $0 million to $100 million.
- 2021 Marketplace GOV to be in a range of $39.0 billion to $40.5 billion.
- 2021 Adjusted EBITDA in a range of $150 million to $350 million.
Challenges Ahead
- Anticipates a seasonal decline in new consumer acquisition and order rates in Q3.
- Expects increased levels of investment in new categories, international markets, and Platform Services in Q3 and Q4.
- Significant uncertainty remains.
- Consumer behavior could deviate from the expectations included in guidance.