DoorDash Q2 earnings: The delivery giant posts another strong quarter

DoorDash continued its long-running streak of setting new quarterly records for key metrics in its second quarter, the food delivery giant announced Thursday. 

DoorDash’s second-quarter revenue increased 23% year-over-year to $2.6 billion, beating Wall Street’s estimated $2.54 billion. Total orders gained 19% to 635 million (also better than expected), while marketplace gross order value increased 20% to $19.7 billion. 

Customers have continued to place orders for foods and other goods online despite broader economic concerns, though the company isn’t continuing to grow at the same breakneck pace it achieved in past quarters when the world was grappling with lockdowns. 

“Our aim is to build a large and durable business by building services that expand the potential of local commerce,” the company said in its earnings release.

DoorDash has focused on growing past just food delivery, taking on new verticals such as beauty, home improvement, and sporting goods. Those investments have been paying off, the company said. Improvements to its new verticals marketplace helped push consistent year-over-year growth in order frequency and all-time-high monthly active user penetration.

“The steady increase in consumer adoption in U.S. new verticals categories along with strong trends in logistics efficiency give us confidence to continue investing to further improve the experience we offer,” the company said.

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