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DoorDash Reports Progress in Third Quarter
The company unveiled its third quarter (Q3) fiscal 2024 earnings after markets closed on October 30, 2024. In Q3 2024, Total Orders increased 18% year-over-year to $643 million. Meanwhile, Marketplace GOV rose 19% from the previous year to $20.0 billion. DoorDash posted total revenue of $2.7 billion – up 25% compared to the third quarter of fiscal 2023. Moreover, net revenue margin rose to 13.5% compared to 12.9% in Q3 2023.
On the operational side, DoorDash reported that it “improved delivery quality, reduced average delivery times, and increased selection on our Marketplaces”. Existing consumers drove DoorDash’s positive order rate.
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It aims to give a better picture of a company’s profitability. DoorDash delivered adjusted EBITDA of $533 million in Q3 2024, an all-time high and up 55% compared to the previous year.
Shares of DoorDash are still trading in solid value territory at the time of this writing. Meanwhile, the company possesses a strong balance sheet after just reporting free cash flow of $444 million – up from $324 million in Q3 2023.