SAN FRANCISCO, CA - As DoorDash continues to position itself as a delivery partner to retail, its growth plans appear to be paying off.
“In Q3 2024, we continued to drive strong growth in Total Orders, Marketplace GOV, and revenue, while generating positive GAAP net income for the first time as a public company,” DoorDash shared in its report. “Our goal is to build a large and durable business that helps local merchants succeed and expands the potential of local economies.”
To achieve this, the company noted that it must invest in its existing services and launch new services to ensure strong returns.
“We believe our results in Q3 2024 reflect our ambition to pursue large growth opportunities, our optimism in believing we can innovate around the problems of the day, and our humility in focusing on small improvements in day-to-day operations. We expect these characteristics to persist at DoorDash, which means we expect to continue investing to expand the potential of our services while holding ourselves to high standards of execution,” the company went on to note.
Key financial highlights from the release include:
- Total Orders increased 18 percent year-over-year (Y/Y) to 643 million and Marketplace GOV increased 19 percent Y/Y to $20 billion.
- Revenue increased 25 percent Y/Y to $2.7 billion. Net Revenue Margin increased to 13.5 percent from 12.9 percent in Q3 2023.
- GAAP net income (loss) attributable to DoorDash common stockholders was $162 million compared to $(73) million in Q3 2023. Adjusted EBITDA increased to $533 million from $344 million in Q3 2023
“We are excited by the execution of our teams and the performance of our business so far in 2024. In the near term, we expect our priorities to remain consistent; we will likely spend the majority of our time trying to improve day-to-day execution and the majority of our investment capital expanding the scale and scope of our new verticals and international markets. Longer-term, we believe there is much more we can do to generate value for consumers and help local merchants be successful, and we are investing in new areas that we hope will become meaningful businesses over time,” the company concluded in the Operational Highlights portion of its report.
To read more, click here.
AndNowUKnow will continue to report on all updates across the supply chain, so stay tuned.
