The on-demand delivery company said its order volume grew 23% to 404 million in the first three months of this year compared to the same period in 2021. Its revenue for the quarter jumped 35% from last year to $1.5 billion, beating the estimated $1.38 billion forecast from analysts surveyed by Refinitiv.
While DoorDash is still growing, that growth has noticeably slowed from the height of the pandemic. Order volume, for instance, had grown 219% during the same quarter last year but the rate of growth has fallen consecutively in each quarter since.
Still, it reported a net loss of $167 million, higher than the $142.9 million Refinitiv analysts had forecast.
DoorDash made its Wall Street debut in December 2020, a high point for the sector amid incredible demand for its service fueled by the pandemic. But there have been hiccups since then — the company, whose stock opened at $182 per share on its first day of trading was down to $73 at market close Thursday, though it rose nearly 10% in after hours trading after reporting its financials.
While Airbnb’s business suffered in the early months of the pandemic, it reported record first quarter bookings — a major indicator that travel has since rebounded. DoorDash, on the other hand, was a major beneficiary of the public health crisis, which accelerated the adoption of online delivery — but how many people continue to order from restaurants and stores through delivery apps as pandemic restrictions ease has been an open question.
On a call Wednesday to discuss earnings with analysts, Uber CEO Dara Khosrowshahi said: “Delivery has continued to surprise us positively as demand has remained resilient in a reopening world.”