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Jun 30, 2023
DoorDash Q2 2023 Earnings Report
DoorDash's Total Orders, Marketplace GOV, and revenue reached record highs, while operational efficiency drove improved GAAP net loss and all-time high Adjusted EBITDA.
Key Takeaways
DoorDash reported a strong Q2 2023 with significant growth in Total Orders, Marketplace GOV, and revenue. The company also improved its GAAP net loss and achieved an all-time high in Adjusted EBITDA, demonstrating operational efficiency and disciplined expense management.
Total Orders increased by 25% Y/Y to 532 million.
Marketplace GOV increased by 26% Y/Y to $16.5 billion.
Revenue increased by 33% Y/Y to $2.1 billion.
GAAP net loss was $172 million, an improvement compared to $263 million in Q2 2022.
DoorDash
DoorDash
Forward Guidance
DoorDash provided financial outlook for Q3 2023 and full year 2023.
Positive Outlook
- Expects Q3 Marketplace GOV to be between $15.8 billion and $16.2 billion.
- Expects Q3 Adjusted EBITDA to be between $220 million and $270 million.
- Anticipates significant levels of ongoing investment in new categories.
- Anticipates significant levels of ongoing investment in international markets.
- Expects stock-based compensation expense for the second half of 2023 to be between $600 million and $620 million.
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.
- We have not provided GAAP net loss outlook or a reconciliation of Adjusted EBITDA to GAAP net loss as a result of the uncertainty regarding reconciling items.
- Material changes to reconciling items could have a significant effect on future GAAP results.