:DoorDash Inc raised its annual core profit forecast after beating quarterly revenue estimates on Thursday, helped by rising orders for food, groceries and convenience items even as consumer wallets remained pressured due to high inflation.DoorDash and its competitors such as UberEats have gained from a pandemic-driven trend of consumers ordering from the comfort of their homes that has continued to thrive as the companies offer deals and free deliveries with membership passes.
As part of its cost-saving initiatives, the food delivery firm decided to cut about 1,250 jobs, or 6 per cent of its total workforce, in November. In the first quarter, total orders rose 27 per cent to 512 million, while analysts on average had expected a 20.8 per cent rise to 488.2 million, as per Refinitiv data.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AMD shares sink on forecast miss with chip market weak:Shares of Advanced Micro Devices fell on Tuesday after a second-quarter forecast missed Wall Street expectations, overshadowing optimism from company executives that the battered chip market will start to recover in the second half of 2023. AMD shares fell 7 per cent in extended trading after the company an
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
PacWest weighs its options, sending bank shares in a tailspinPacWest Bancorp is exploring strategic options, a source familiar with the matter said, sending the shares of the bank and several other US regional lenders tumbling in after-market trading. The dramatic fall in shares - PacWest fell nearly 60 per cent - underscores how investors remain unconvinced about t
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Lyft's second-quarter forecast disappoints, shares fall 13%:Lyft Inc's forecast second-quarter revenue and core profit below estimates on Thursday amid tough competition from larger rival Uber, sending its shares down 13 per cent in trading after the bell. The company, however, reported first-quarter revenue and operating profit that exceeded expectations.Its
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Estee Lauder sees bigger drop in annual sales, profit on slow China recoveryEstee Lauder Cos Inc forecast a bigger drop in full-year sales and profit on Wednesday, hurt by a slow recovery in major market China and reduced inventory levels by retailers in the United States. Shares of the New York-based company were down about 8 per cent in premarket trade.Even though Chi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Google, Microsoft CEOs called to AI meeting at White HouseWASHINGTON - The chief executives of Alphabet Inc's Google, Microsoft, OpenAI and Anthropic will meet with Vice President Kamala Harris and top administration officials to discuss key artificial intelligence (AI) issues on Thursday (May 4), said a White House official. The invitation seen by Reuters to the CEOs noted President Joe Biden's 'expectation that companies like yours must make sure...
Source: asiaonecom - 🏆 10. / 59 Read more »