DoorDash Lifts Core Profit Target for Second Time on Higher Orders
August 3, 2023
Reuters
DoorDash has raised its annual core profit forecast for the second time and reported upbeat quarterly revenue due to increased demand for groceries and food orders. The delivery firm’s revenue reached its highest level since its IPO in December 2020, as people continue to buy from home even after the pandemic, attracted by promotions, deals, and free deliveries offered by DoorDash and its competitors. DoorDash’s total orders rose 25% to 532 million from a year earlier, indicating the continued preference for convenience over price among consumers.
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