Meal delivery company DoorDash said its revenue more than tripled last year thanks to pandemic-driven demand, but it still lost money because it spent more heavily on marketing and expanding its business.
DoorDash reported a net loss of $312 million for the quarter that ended Dec. 31. The loss, of $2.67 per share, compared to a loss of $3.05 per share in the same quarter a year ago.
Wall Street had forecast DoorDash would post a fourth-quarter loss of 28 cents per share, according to analysts polled by FactSet. But their estimates had varied wildly. This was DoorDash’s first earning report since its initial public offering in December.
DoorDash said revenue jumped 226% to $970 million for the October-December period. That outpaced analysts’ forecasts. Total orders more than doubled to 273 million.
For the full year, DoorDash reported a net loss of $461 million. That was an improvement from a loss of $668 million in 2019.
San Francisco-based DoorDash, which was founded in 2013, has never made a full-year profit.
Its stock was down almost 13% in after-hours trading following the release of the earnings report.7 Lithium Stocks That Will Power the Electric Vehicle Boom
Demand for lithium is set to increase exponentially in the next few years. In fact, according to Statista, demand for lithium may very well double to 820,000 tons in that time. Some of that demand will come from companies that are manufacturing the batteries that we use every day. For example, lithium is an essential component of the batteries that power our mobile devices.
But the real growth will come as the United States goes all-in on electric vehicles (EVs). The Biden administration recently announced plans to have the U.S. government’s fleet of over 600,000 vehicles converted to EVs.
And as you’re aware, EV stocks are in a bubble of some sort at the moment. Some of that is due to the increasing number of companies that went public last year. However, as investors are beginning to realize, not all of these companies will be the next Tesla. In fact, some of these companies may never be successful at bringing an EV to market, at least not at the scale that will be required.
The ones that do make it will need lithium and lots of it. To help you sift through the best lithium stocks to buy, we’ve put together this special presentation.
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