DoorDash Inc said on Thursday it would buy back $750 million worth of stock and projected a key profit measure above Wall Street estimates, following strong fourth-quarter growth thanks to a surge in orders for food, groceries, and petcare items.Shares in the San Francisco-based company soared 12 per cent
DoorDash Inc said on Thursday it would buy back $750 million worth of stock and projected a key profit measure above Wall Street estimates, following strong fourth-quarter growth thanks to a surge in orders for food, groceries, and petcare items.
DoorDash and its rivals such as UberEats benefited from the pandemic-led trend of people ordering in, a habit that has lingered as these companies offer deals and free deliveries with subscription passes. The company is gaining market share in the United States,"driven by increasing scale in non-restaurant categories," said Angelo Zino, senior equity analyst at CFRA Research.
The top U.S. food delivery company said orders in the fourth quarter surged 27 per cent to 467 million from the prior year.
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