Heathrow defends its response as questions grow about why a fire shut the airport for so long
Halfway to the 2030 census, the Supreme Court is still dealing with lawsuits over the last one
Tesla insurance has always been pricey. Will vandalism make it higher?
‘Measles is only a plane flight away’: As outbreak surges, experts warn against global health funding cuts
Missed three-foot putt costs Sergio Garcia a spot at The Open
US opens probe into nearly 1.3 million Ford F-150 trucks over unexpected gear shift
Blind Bulgarian runner defies sleep and exhaustion in 'Everesting' climbing challenge
By Granth Vanaik
(Reuters) - DoorDash projected annual core profit largely above expectations and beat fourth-quarter revenue estimates on Thursday, signaling more customers used its online delivery platform to order food and grocery items.
The company has been steadily growing its U.S. market share through newer partnerships in categories outside its core restaurant delivery business, with companies such as Best Buy and Victoria's Secret.
"We have been able to continue attracting new consumers and driving higher consumer engagement for the simple reason that our service continues to get better," CEO Tony Xu wrote in a letter to shareholders.
DoorDash expects 2024 adjusted earnings before tax, interest, depreciation and amortization (EBITDA) between $1.5 billion and $1.9 billion, mid-point of which is above expectations of $1.63 billion, according LSEG data.
Total orders jumped 23% to 574 million in the fourth quarter ended Dec. 31 from a year earlier, as people opted to order from the comfort of their homes given eating out still remains expensive.
Rivals UberEats and Instacart have also seen orders grow in recent weeks, even as the pandemic-driven boom now begins to slow.
DoorDash expects 2024 gross order value (GOV) - a key metric that shows the total value of all app orders and subscription fees - between $74 billion and $78 billion, compared with $66.8 billion in 2023.
The food-delivery firm also authorized up to $1.1 billion in share repurchases.
Its revenue rose 26.7% to $2.30 billion in the reported quarter, compared with estimates of about $2.24 billion.
Net loss narrowed to $154 million, or 39 cents per share, from $640 million, or $1.65 per share, a year earlier.
(Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini Ganguli)
