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DoorDash Q1 Revenue Spikes Nearly 200 Pct YOY Amid Food Delivery Surge

DoorDash Q1 Revenue Spikes Nearly 200 Pct YOY Amid Food Delivery Surge

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PYMNTS.com
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https://www.pymnts.com/earnings/2021/doordash-q1-revenue-spikes-nearly-200-pct-yoy-amid-food-delivery-surge/
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PYMNTS
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DoorDash revenue grew nearly 200 percent year over year in first quarter 2021, an earnings report says.

The company grew orders from non-restaurant categories by over 40 percent quarter over quarter.

That total was over seven percent of all orders, the report said.

The company had a GAAP gross product of $493 million, which was a 233 percent increase from the first quarter in 2020, where that amount was $148 million.

The GAAP also saw a net loss of $110 million, compared to the Q1 2020 number of $129 million.

In the first quarter, the company says over 2 million employees of the company were able to earn $2.5 billion collectively. The report says the earnings per hour for employees was higher overall both on a quarter-over-quarter and year-over-year basis.

The company says it has been looking at the impact of stimulus checks on employment, observing that the company provides an “ephemeral and low-barrier-to-entry” working experience, helping people make money in a method that can be temporary or supplemental. DoorDash believes that the 20 million college students, around 4 million high school seniors, 10 million single parents and 10 million unemployed people in the U.S., as recorded in Bureau of Census and Labor statistics, could find such work opportunities attractive.

The company says it expects its second quarter marketplace GOV to be in the range of $9.4 billion to $9.9 billion. The second quarter EBITDA will possibly go up to $100 million.

DoorDash also recently set up a new pricing plan for restaurants, with “Partnership Plans” that will offer a 15 percent commission among other things.

That plan, called DoorDash Basic, will be the simplest option for those restaurants looking to put more of the cost burden on the customer, and adjusts the delivery area.

The company also plans to offer DoorDash Plus at 25 percent, which will reward loyal customers with new benefits like expanded delivery areas and participation in the DashPass program.

DoorDash has also partnered with Rite Aid for new benefits like delivery of pharmacy needs in two hours’ time.

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May 14, 2021 at 02:55AM
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