DoorDash's sales triple in Q4, but 2021 could see slowdown
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, 2020. (AP Photo, File)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. For the full year, DoorDash reported a net loss of $461 million. That was an improvement from 2019, but DoorDash __ which was founded in 2013 __ has never made a full-year profit.
Amazon, Cadillac score with Super Bowl ads
NEW YORK – During this year's Super Bowl, the Tampa Bay Buccaneers reigned supreme on the field. Overall, this year's crop of Super Bowl ads focused on light humor that strove to entertain and connect. Bud Light Seltzer LemonadeBud Light used lemons as a metaphor for everything that went wrong in 2020 to introduce its new Seltzer Lemonade. Michelob was likely hoping to drive people to repeat views online with the celebrity lookalikes, but during the fast-moving Super Bowl the conceit was confusing. With its first-ever Super Bowl ad, Scott's was looking to keep that momentum going, but the overstuffed ad ended up being distracting.
The Latest: Robinhood's ad emerges from the time capsule
The latest news on Super Bowl commercials. ___10 p.m.Smartphone-based stock market investment service Robinhood bought its Super Bowl spot in December after a successful year, unaware that it was about to make global headlines. Ad___9:45 p.m.Jeep starred iconic singer Bruce Springsteen in his first ever ad promoting the idea of unity. Most brands that have money to spend on Super Bowl ads are already household names, but the big game is also a chance for upstarts to make a big splash. ___7:15 p.m.General Motors used humor in a Super Bowl ad to promote its ambitious push to get more Americans to buy electric vehicles.
Blockbuster IPO market still calls for cautious approach
The home sharing company raised $3.7 billion in the offering, making it the largest IPO of the year, according to Renaissance Capital. “This year had a lot of large IPOs,” said Matthew Kennedy, senior IPO market strategist at Renaissance Capital. Some 19 company IPOs have brought in over a billion dollars, including DoorDash and Airbnb. Still, individual investors may want to consider waiting a few days after a company has its IPO, if not longer. The Renaissance IPO ETF, which tracks an index that holds companies that have had an IPO within the last two years, giving more weight to bigger ones, is up 108% this year.
Blockbuster IPO market still calls for cautious approach
DoorDash shares surged nearly 86% above their offering price of $102 in their market debut Wednesday. Airbnb’s own market debut on Thursday could end up blowing past that. “This year had a lot of large IPOs,” said Matthew Kennedy, senior IPO market strategist at Renaissance Capital. Airbnb put off a market debut in the spring when the pandemic crippled global travel. Uber, which raised $8.1 billion in its market debut last year, has yet to get out of the red.
DoorDash delivers 86% gain in stock market debut
DoorDash shares soared in its initial public offering Wednesday, capping a year of explosive growth for the food delivery company. Powering that service are 1 million delivery drivers, who are independent and not considered DoorDash employees. But lockdown orders and the closure of indoor dining have made DoorDash indispensable for many restaurants and diners this year. DoorDash now controls 50% of the U.S. food delivery market. Skeptics thought the economics of food delivery would fall apart in less dense areas, because there was lower demand.
DoorDash sets share price at $102 ahead of Wednesday IPO
DoorDash has priced its shares at $102 apiece heading into its stock market debut Wednesday, valuing the 7-year-old food delivery company at nearly $39 billion. The price was higher than the company's most recent target price of $90 to $95 a share, reflecting investor enthusiasm for the initial public offering. DoorDash reported revenue of $1.9 billion in the first nine months of 2020 alone. It now controls 50% of the U.S. food delivery market. In federal filings, DoorDash warned that its sales growth may not continue at the same pace once the pandemic subsides.
DoorDash looking for a valuation of nearly $30B
NEW YORK – DoorDash is looking for a valuation of nearly $30 billion when it takes itself public, reflecting how integral food delivery has become in millions of people’s lives during the pandemic. The company is planning to raise up to approximately $2.8 billion from an initial public offering of 33 million shares. It had a net loss of $667 million in 2019 and $149 million in the first nine months of 2020. The company did turn a profit of $23 million in the second quarter this year, but followed that with a $43 million loss in the third quarter. DoorDash Inc. will list on the New York Stock Exchange under the DASH ticker symbol.
DoorDash driver fatally shot while making delivery in NJ
A DoorDash driver was shot and killed while making a delivery in New Jersey Friday night, authorities said. (WPIX)PATERSON, New Jersey (WPIX) - DoorDash driver was shot and killed while making a delivery in New Jersey Friday night, authorities said. Police responded to calls of shots fired in the intersection of Harrison Street and Rosa Parks Boulevard in Paterson just before 10:30 p.m. Petra Rhoden, 43, was found in the driver's seat of the vehicle with an apparent gunshot wound, cops said. According to authorities, Rhoden was making a DoorDash food delivery along Harrison Street when she was shot.
Doordash suffered a data breach that affected 4.9 million people
CNN Video(CNN) - DoorDash confirmed it suffered a data breach affecting roughly 4.9 million delivery people and merchants. In a blog post on Thursday, DoorDash said it noticed unusual activity from a third-party service provider earlier in September. After investigating the activity, it found an unauthorized third party was able to access DoorDash user data on May 4, 2019. The people affected joined DoorDash on or before April 5, 2018 people who joined after that date weren't affected, according to the blog post. DoorDash encouraged people to change their passwords, even if they weren't affected but were still concerned about the safety of their accounts.
Man says DoorDash delivery driver ate half his food
Chris Payton of York County says he ordered food from Dickey's Barbecue in West Manchester Township using DoorDash -- a food delivery app that sends its own drivers to pick up orders from restaurants, delivering it right to your door. After the driver dropped off his food, he says he opened up the box and discovered half of it had been eaten. Payton says he believes the DoorDash delivery driver is to blame. "It's somebody's food you pay for that you expect to get it, you pay for a service," he added. Payton says even though DoorDash refunded him his money, he hopes the driver is reprimanded for their actions.