GoKawiilDoorDash reported strong first-quarter results and order growth guidance after the bell on Wednesday as the food delivery giant pours more money into new technology to lure customers.
Shares popped 12% following the report.
Here's how the company did versus LSEG estimates:
Earnings per share: 42 cents vs. 36 cents expected
42 cents vs. 36 cents expected Revenue: $4.04 billion vs. $4.14 billion expected
For the current quarter, DoorDash expects marketplace gross order value, which tracks the total dollar value of orders on its platform, between $32.4 billion and $33.4 billion. That topped the $32.43 billion in GOV forecast by analysts.
The food delivery company also guided for $770 million to $870 million in EBITDA. The midpoint came up short of the $830 million expected by analysts.
Revenue rose 33% from $3.03 billion a year ago, while total orders jumped 27% to $933 million, but missed the $954 million estimate from analysts. Net income declined to $184 million, or 42 cents per share, from $193 million, or 44 cents per share, last year.
DoorDash is spending big on new features and services as it builds out a single-platform tech stack that integrates its recent global acquisitions. It's also shelling out billions to expand its global footprint, enhance artificial intelligence capabilities, and maintain a competitive edge against rivals such as Uber Eats.
"We expect these efforts will allow us to invest more efficiently, operate more effectively, and drive higher levels of growth in the communities we serve," DoorDash said in a press release on Wednesday.