DoorDash Inc. shared that despite stubbornly high inflation, it forecasts its annual core profit surpassing quarterly revenue due to increased online orders for food, groceries, and convenience products. The company’s shares rose by 4% in extending trading. The company says consumer engagement remains very strong.
In the first quarter, orders increased by 27%, reaching 512 million from the prior year. DoorDash now ventures annual adjusted EBITDA, a measure of profitability, between $600 million and $900 million compared to its earlier range of $500 million to $800 million. DoorDash has constantly been thriving as the offers, deals, and free deliveries with membership are active.
Read more: DoorDash rides on delivery demand to raise 2023 core profit forecast
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