Overview

• DoorDash's Q1 revenue increased by 23% to $2.51 billion, surpassing Wall Street expectations due to strong U.S. grocery sales.
• The company's net loss widened to $23 million, more than the anticipated 3-cent loss per share, as costs rose.
• Shares of DoorDash fell over 12% in premarket trading following the earnings announcement.
• Expansion into grocery and retail delivery aims to counterbalance slowing restaurant demand.
• New minimum wage rules in New York and Seattle have slightly impacted sales but are expected to have a minimal overall effect on business.