DoorDash Pops As Record Orders Drive Guidance Higher

© Reuters

By Dhirendra Tripathi – DoorDash (NYSE:) shares jumped nearly 14% Friday after the company raised its guidance for 2021 on the back of a strong first quarter performance.

The online food delivery platform said it generated more earnings for its partners than in any previous quarter and served more consumers than it ever has.

The online food delivery platform now expects its 2021 gross order value to be in a range of $35 billion to $38 billion. This range was earlier estimated to be $30 billion to $33 billion.

Adjusted EBITDA could now touch $300 million for the year as against $200 million, according to the company’s previous estimates.

Revenue in the March quarter almost trebled, rising 198% from a year ago to $1.07 billion, benefiting from stimulus checks and ongoing stay-at-home behavior that boosted demand for food delivery.

Total orders grew 219%, to 329 million, and marketplace gross order value grew 222%, to $9.9 billion.

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