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Jun 30, 2024
DoorDash Q2 2024 Earnings Report
DoorDash's financial performance reflected strong growth and improved unit economics, driven by years of investment and product-level focus.
Key Takeaways
DoorDash reported record Total Orders, Marketplace GOV, and revenue, with revenue growth exceeding Marketplace GOV growth for the tenth consecutive quarter. The company's Q2 2024 financial performance reflects strong growth and improved unit economics.
Total Orders increased 19% Y/Y to 635 million.
Marketplace GOV increased 20% Y/Y to $19.7 billion.
Revenue increased 23% Y/Y to $2.6 billion, with Net Revenue Margin increasing to 13.3%.
Adjusted EBITDA increased to $430 million from $279 million in Q2 2023.
DoorDash
DoorDash
Forward Guidance
DoorDash anticipates Marketplace GOV between $19.4 billion and $19.8 billion and Adjusted EBITDA between $470 million and $540 million for Q3.
Positive Outlook
- Stock-based compensation to be in a range of $1.1 billion to $1.2 billion for 2024.
- RSU issuances of 6.0 million to 7.0 million, net of expected forfeitures for 2024.
- Depreciation and amortization expense of approximately $560 million to $590 million for 2024.
- Key foreign currency rates remain relatively stable at current levels.
- Significant levels of ongoing investment in new categories and international markets.
Challenges Ahead
- Consumer spending in any of our geographies could deteriorate relative to our outlook.
- 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.
- Uncertainty regarding reconciling items such as legal, tax, and regulatory expenses.
- Material changes to reconciling items could have a significant effect on future GAAP results.