![]() ![]() The results reported Wednesday didn’t include Wolt’s contribution. Inukonda said that higher-than-expected loss was due to the cost of absorbing employees from Wolt Enterprises, the Finnish delivery service DoorDash acquired in the second quarter of 2022. The company lost 44 cents per share, which was higher than the 41 cent per-share loss Wall Street forecast, according to FactSet. DoorDash offered summer deals to its DashPass customers and worked to gain share overseas.ĭoorDash narrowed its net loss to $172 million in the second quarter, from a loss of $263 million in the same period a year ago. Research and development costs were up 30% for the quarter, while marketing costs rose 12%. Still, DoorDash _ which has never earned an annual profit _ continues to invest heavily in other areas. And a newly launched system that lets drivers choose whether to make an hourly rate or be paid by delivery could also help retain drivers. Inukonda said college students are helping boost the company’s driver ranks in the summer. The company spent less than it expected on acquiring and retaining delivery drivers. And the company said improved logistics are helping driver efficiency. Inukonda said innovation _ including making it easier for customers to search for products on the DoorDash app _ is another reason the company continues to gain market share in all the markets in which it operates. The company won’t reveal how many DashPass subscribers it currently has, but said it had 15 million at the end of last year. That’s what’s driving growth in the business.”ĭashPass subscribers _ who get most deliveries free for a $9.99 monthly fee _ rose to a new high during the quarter, Inukonda said. “This is a small treat that still delights people. “We have become more of a utility and habit,” Inukonda said. ![]() The company delivered more than 200,000 flower orders during Mother’s Day week. Deliveries from sporting goods stores, pet stores and florists are also driving growth. ![]() The 10-year-old company still delivers primarily from restaurants, but added grocery delivery in 2020 and convenience store delivery in 2021. Business & Finance Click to expand menu.ĭoorDash Chief Financial Officer Ravi Inukonda said the company is continuing to see growth in users and those customers are ordering more frequently. ![]()
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