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But
the San Francisco-based delivery company also warned of costly
investments ahead. DoorDash CEO and Co-founder Tony Xu said
DoorDash is in the midst of building a single tech platform that
will bring together its many international businesses. DoorDash
bought Wolt, a Finnish delivery service, in 2022, and it
acquired Deliveroo, a U.K. rival, last year.
Xu said the majority of the tech platform will be completed this
year, and even before it's complete, the company will save money
and time because it will be able to roll out updates to all of
its markets at once. But in the meantime, Xu called the new
platform “a massive and expensive undertaking.”
“I wish that the tech stack were already here,” Xu said during a
conference call with investors Thursday.
DoorDash said it expects adjusted pretax earnings between $675
million and $775 million in the first quarter, which was lower
than the $800.6 million Wall Street was expecting, according to
analysts polled by FactSet.
DoorDash also spent heavily during the fourth quarter on
multiple projects, including the development of autonomous robot
delivery and drone delivery. Its research and development costs
rose 41%, for example, while its sales and marketing costs
jumped 31%.
DoorDash’s net income rose 51% to $213 million, or 49 cents per
share. That was lower than the 59-cent profit Wall Street
anticipated.
DoorDash reported revenue of $3.96 billion for the
October-December period. That was also less than the $3.99
billion that analysts forecast.
Still, total orders rose 32% to 903 million, beating analysts’
forecast of 884.8 million, according to FactSet. DoorDash said
it had more than 56 million active users during the quarter,
including 35 million members paying monthly fees to be part of
its DashPass, Wolt+ and Deliveroo Plus programs.
Xu said customers have always used DoorDash for quick, mid-week
orders. But the company is increasingly seeing customers use
DoorDash for bigger weekend grocery trips as well. DoorDash and
Kroger, the largest U.S. grocery chain, expanded their delivery
partnership last fall.
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