DoorDash Analysts Boost Their Forecasts After Strong Sales

Author: Avi Kapoor | August 02, 2024 09:12am

DoorDash, Inc. (NASDAQ:DASH) reported better-than-expected second-quarter revenue results on Thursday.

DoorDash reported second-quarter revenue of $2.63 billion, beating the consensus estimate of $2.54 billion, according to Benzinga Pro. The company reported a quarterly loss of 38 cents per share, missing analyst estimates for a loss of 9 cents per share.

"Our aim is to build a large and durable business by building services that expand the potential of local commerce. Our core competencies in that pursuit are customer obsession, attention to detail, and effort," the company said. "We are very pleased with our financial performance in Q2 2024, as it reflects years of investment and product-level focus that drove strong growth and improved unit economics in several major areas of our business," the company added.

DoorDash expects third-quarter marketplace GOV to be between $19.4 billion and $19.8 billion. The company sees third-quarter adjusted EBITDA in the range of $470 million to $540 million.

DoorDash shares fell 2.3% to close at $108.20 on Thursday.

These analysts made changes to their price targets on DoorDash following earnings announcement.

• Needham analyst Bernie McTernan maintained DoorDash with a Buy and raised the price target from $137 to $145.

• Truist Securities analyst Youssef Squali maintained DoorDash with a Buy and boosted the price target from $145 to $150.

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Posted In: DASH