DoorDash Tumbles After Results Fail to Impress Wall Street
- Investors shrug off growth in monthly users, order values
- Will invest ‘aggressively’ in non-restaurants, abroad in 2024
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DoorDash Inc. shares fell the most in almost two years on Friday, despite the company delivering a solid fourth-quarter earnings report. While Wall Street didn’t really find fault with the results, analysts noted that the recent run-up in the stock set the bar high.
The delivery company reported total orders increased 23% to 574 million in the three months ended Dec. 31, better than analysts’ estimates, and posted a record number of monthly users who order more frequently. The gross value of those orders — a key metric for online delivery firms — jumped 22% to $17.6 billion, also beating Wall Street’s estimate.