DoorDash revenue jumps in first quarterly results since IPO

FILE PHOTO: A DoorDash sign is pictured on a restaurant on the day they hold their IPO in the Manhattan borough of New York City, New York, U.S., December 9, 2020. REUTERS/Carlo Allegri

(Reuters) – Food delivery company DoorDash Inc on Thursday reported an over three-fold rise in quarterly revenue in its first results as a public company.

The company, which went public in December in one of the biggest initial public offerings of the year, said its revenue rose to $970 million for in the fourth quarter, from $298 million a year earlier.

The pandemic fueled exponential growth for third-party aggregators, forcing them to widen their reach and adding new areas of service as customers wary of contracting the virus heavily depended on doorstep delivery.

The company, whose rivals include Uber Eats and Grubhub Inc, branched out into delivery from grocery and convenience stores last year during lockdowns, and most recently, started delivering prescriptions from Sam’s Club pharmacies.

Still, the company reported a net loss of $312 million for the quarter ended Dec. 31, bigger than last year’s loss of $134 million.

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