DoorDash said on Wednesday that its revenue for the first quarter increased by 23% to $2.5 billion.
In the three months ended March 31, DoorDash achieved a 21% year-over-year increase in total orders, reaching $620 million, and saw its Marketplace Gross Order Value (GOV) rise to $19.2 billion, also up 21% from the previous year. Net revenue margin improved to 13.1%, up from 12.8% in Q1 2023.
The company also reported a dramatic decrease in its GAAP net loss, which narrowed to $25 million compared to a loss of $162 million in the same quarter last year. Adjusted EBITDA showed robust growth, climbing to $371 million from $204 million in Q1 2023. "In Q1 2024, we improved logistics quality and efficiency and drove incremental operational scale, much of which we used to expand the selection we offer, improve average affordability, and further increase delivery speed and quality," the company said in the report.
