By Dhirendra Tripathi
Investing.com – DoorDash stock (NYSE:DASH) fell 2% Friday as the company’s expenses exceeded its revenue and dragged on its bottom line.
Expenses on sales and marketing, R&D and general administration all rose as the company pushed to expand overseas and make its way through a crowded market of grocery deliveries. Costs and expenses more than doubled to $1.33 billion, surpassing revenue of $1.23 billion.
As demand for essentials stayed strong, the company added new partners to its marketplace, bringing in pet specialty retailer PetSmart, grocer Albertsons (NYSE:ACI) and plant-based meat maker Beyond Meat (NASDAQ:BYND).
The company said since non-restaurant categories have witnessed strong early demand, it will commit more investments in them in the second half.
The company said it expects annual marketplace gross order value – a metric measuring the total value of all orders on its app and subscription fees – between $39 billion and $40.5 billion. It had forecast $35 billion to $38 billion earlier.
The net loss was $102 million compared to a profit of $23 million in the June quarter of 2020.
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