Investing.com-- DoorDash Inc (NASDAQ:DASH) reported its first-ever quarterly profit as a public company and beat revenue expectations for the third quarter of 2024. Still, shares slipped 1% in after-hours trading.
The food delivery giant posted adjusted earnings per share of $0.38, surpassing analyst estimates of $0.20. Revenue rose 25% year-over-year to $2.71 billion, exceeding the consensus forecast of $2.66 billion.
DoorDash achieved a significant milestone by generating positive GAAP net income of $162 million, compared to a net loss of $73 million in the same quarter last year. This marks the company's first profitable quarter since going public.
Total orders increased 18% YoY to 643 million, while Marketplace Gross Order Value (GOV) grew 19% to $20.0 billion. The company's net revenue margin improved to 13.5% from 12.9% in Q3 2023.
"We are proud of the work our team has done and the progress these financial results represent," said Tony Xu, CEO of DoorDash. "Our focus is on meeting consumers' expectations and building services that delight them, so they continue to choose our Marketplaces and order more with us over time."
Adjusted EBITDA reached a record high of $533 million, up 55% from $344 million in the prior-year quarter. As a percentage of Marketplace GOV, Adjusted EBITDA improved to 2.7% from 2.1% a year ago.
Looking ahead, DoorDash expects fourth-quarter Marketplace GOV between $20.6 billion and $21.0 billion, with Adjusted EBITDA projected to be in the range of $525 million to $575 million.
