Quarterly Report — Q1 2024
Filed May 1, 2024
Revenue hit $2.51 billion in Q1 2024, up roughly 23% year-over-year from $2.03 billion in Q1 2023, with the international segment growing faster than the U.S. business. The company continued burning through cash on stock-based compensation but maintained a strong balance sheet with billions in cash and short-term investments, and just upsized its credit facility to signal confidence in its expansion runway.
Filing details
Performance by segment
Single Reportable Segment
DoorDash operates as a single reportable segment and does not break out financial results by business line. Total revenue grew 23% YoY to $2,513 million in Q1 2024, driven by a 21% increase in Total Orders to 620 million and Marketplace GOV reaching $19.2 billion. Net Revenue Margin expanded to 13.1% from 12.8% primarily due to increasing contribution from advertising revenue, while GAAP net loss narrowed sharply to $23 million from $161 million in Q1 2023.
United States
U.S. revenue grew 20% YoY to $2,222 million in Q1 2024, up from $1,846 million in Q1 2023, representing 88% of total revenue. Growth was driven by increases in Total Orders and an expanding contribution from advertising revenue.
International
International revenue grew 54% YoY to $291 million in Q1 2024, up from $189 million in Q1 2023. The international segment, primarily driven by the Wolt Marketplace operating in over 30 countries, continues to scale rapidly and now represents 12% of total revenue.