DoorDash, Inc. (NYSE: DASH) operates an on-demand delivery and logistics service through its digital marketplace. Customers can go on the DoorDash app or website to place an order from a local restaurant or business, which will be delivered by a “dasher.” Shares of the delivery service are rallying 15% through early trading on Thursday, February 17, 2022. Over the past three months, DoorDash has seen average daily volume of around 4.25 million shares. However, volume of 13.93 million shares or dollar volume of around $1.51 billion, has already exchanged hands through early trading Thursday.
Shares of DoorDash are climbing after the company released fourth quarter 2021 financial results, which showed that consumers are still interested in on-demand delivery even as restaurants continue to reopen indoor seating. The company reported revenue growth of 34% year-over-year to $1.3 billion and GAAP gross profit of $637 million. DoorDash did see a GAAP net loss of $155 million, but it was an improvement compared to Q4 2020’s net loss of $312 million.
Management said the company set a new quarterly records for total orders and marketplace gross order value (GOV). Total orders grew 35% y/y to 369 million, as marketplace GOV jumped 36% y/y to $11.2 billion. In addition, DoorDash also saw a new record in monthly active users (MAUs) during the fourth quarter 2021 of over 25 million, which represents year-over-year growth of 22%. The company also saw growth in non-food deliveries. Orders to non-restaurant merchants jumped 14% in December 2021 and its DashPass membership count surpassed 10 million.
The good news at DoorDash didn’t stop with Q4 financial results. The company also announced a new express grocery delivery service with Albertsons Companies (NYSE: ACI), the parent company of Safeway, Albertsons. Vons, and more. In a bid to compete with Instacart, the new DoorDash service will offer customers grocery delivery in under 30 minutes (subject to conditions). The express grocery delivery will initially be rolled out across 20 major U.S. cities, such as Los Angeles, Seattle, Denver, and more.
“Leveraging our extensive logistics network and Albertsons Cos. selection of groceries, we are creating a one-stop shop for consumers nationwide to access all the items they need, delivered to their doorstep right when they need it. DoorDash’s merchant-first approach guides how we build our products and services and today’s launch of express grocery delivery furthers our commitment to helping Albertsons grow their delivery offerings to meet evolving customer needs,” said Fuad Hannon, Vice President of New Verticals at DoorDash.
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