DoorDash Inc. (DASH) unveiled impressive fourth-quarter achievements on Monday, surpassing revenue forecasts and marking a record-breaking over 37 million monthly active users (MAUs) in December 2023, a significant rise from the previous year's 32 million. The company's adjusted EBITDA soared to $363 million, far outpacing the anticipated $320-380 million range and showcasing a staggering 210% increase year-over-year—a testament to DoorDash's profit-generating prowess amidst economic challenges.
Key highlights include a 22% surge in Marketplace gross order value (GOV) to $17.64 billion, fueled by an expanding user base and increased order frequency. DashPass and Wolt+ memberships also reached a new peak of over 18 million by year-end, underscoring robust growth. Total orders climbed 23% year-over-year, reaching 574 million, with Marketplace GOV also up by 22% to $17.6 billion, attributed to more users engaging more frequently.
Looking ahead, DoorDash anticipates its adjusted EBITDA for the first quarter of 2024 to remain within the $320-380 million range, with a full-year forecast of $1.50-1.90 billion. The company also projects its Marketplace GOV to hit between $74-78 billion for the full year of 2024.
The company expects to maintain its adjusted EBITDA margin relative to Marketplace GOV through the first half of 2024, with a projected increase in the latter half due to improved net revenue margin and more efficient sales and marketing expenses. Although DoorDash will no longer issue full-year financial forecasts, it plans to continue sharing quarterly outlooks for Marketplace GOV and Adjusted EBITDA.
DoorDash's stellar fourth-quarter performance and optimistic projections for 2024 underscore its resilience and growth trajectory, even in the face of economic uncertainties, positioning the company for sustained expansion.