DoorDash stock pops after revenue beat, rosy guidance
Summary
A DoorDash sign is pictured on a restaurant on the day they hold their IPO in New York, December 9, 2020. Shares of DoorDash jumped as much as 6% in extended trading Thursday after the food delivery company reported better-than-expected sales for the fourth quarter and gave upbeat guidance for the current period. DoorDash attributed the wider-than-expected loss for the fourth quarter to charges related to its acquisition of Finnish food delivery company Wolt, and stock-based compensation expenses related to the layoffs last November, which resulted in 1,250 jobs being cut. DoorDash said in the quarterly earnings report that its president and COO Christopher Payne will retire from the company. Payne will be succeeded by DoorDash CFO Prabir Adarkar, who will take over the COO role effective March 1.