:DoorDash Inc raised its annual core profit forecast after beating quarterly revenue estimates on Thursday, helped by rising orders for food, groceries and convenience items even as consumer wallets remained pressured due to high inflation.Shares of the company rose about 4 per cent to $65.20 in extended trad
:DoorDash Inc raised its annual core profit forecast after beating quarterly revenue estimates on Thursday, helped by rising orders for food, groceries and convenience items even as consumer wallets remained pressured due to high inflation.DoorDash and its competitors such as UberEats have gained from a pandemic-driven trend of consumers ordering from the comfort of their homes that has continued to thrive as the companies offer deals and free deliveries with membership passes.
As part of its cost-saving initiatives, the food delivery firm decided to cut about 1,250 jobs, or 6 per cent of its total workforce, in November. In the first quarter, total orders rose 27 per cent to 512 million, while analysts on average had expected a 20.8 per cent rise to 488.2 million, as per Refinitiv data.
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