DoorDash, Inc. reported significant financial improvements in its Q3 2024 results compared to the same period in 2023. Revenue for Q3 2024 reached $2,706 million, marking a 25% increase from $2,164 million in Q3 2023. For the nine months ending September 30, 2024, revenue totaled $7,849 million, up 24% from $6,332 million in the prior year. The company's Marketplace Gross Order Value (GOV) also saw a notable rise, increasing by 19% in Q3 2024 to $20 billion.
The company achieved a net income of $162 million in Q3 2024, a significant turnaround from a net loss of $75 million in Q3 2023. This trend continued for the nine-month period, with a net loss of $22 million in 2024 compared to a loss of $409 million in 2023. The net income attributable to common stockholders for Q3 2024 was $152 million for Class A shares and $10 million for Class B shares, contrasting sharply with losses of $68 million and $5 million, respectively, in Q3 2023.
Total costs and expenses for Q3 2024 were $2,599 million, up from $2,272 million in Q3 2023, reflecting a more efficient cost structure as expenses represented 96% of revenue compared to 105% in the previous year. The company reported a contribution profit of $930 million for Q3 2024, up from $640 million in Q3 2023.
DoorDash's cash and cash equivalents increased to $3,664 million as of September 30, 2024, compared to $2,656 million at the end of 2023. Total assets rose to $12,277 million from $10,839 million over the same period. The company also reported an accumulated deficit of $5.4 billion as of September 30, 2024.
Strategically, DoorDash has been active in share repurchases, authorizing a program for up to $1.1 billion in February 2024. During Q3 2024, the company repurchased approximately $224 million of its Class A common stock. Additionally, DoorDash recognized an impairment charge of $83 million related to corporate office spaces during the nine months ended September 30, 2024.
The company continues to face regulatory challenges, including ongoing investigations related to its business practices and the classification of Dashers as independent contractors. Despite these challenges, DoorDash remains focused on expanding its market presence and enhancing its platform offerings, including its membership products like DashPass and Wolt+.
About DoorDash, Inc.
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