DoorDash Inc. (DASH) shares surged 19.26% in after-hours on Tuesday, November 09, 2021, and closed the daily trading at $229.00. However, in the regular trading session, DASH’s stock lost 0.59%. DASH shares have moved down 3.60% in the past week. Over the past three months, the stock has gained 0.76%, while over the past six months, it has surged 69.94%.
We have some latest important developments which are discussed below.
DASH Acquiring Wolt
On November 9, 2021, DoorDash, Inc. (DASH), and certain stockholders of Wolt entered into a definitive agreement whereby DoorDash will acquire Wolt in an all-stock transaction. The transaction is valued at approximately € 7.0 billion, subject to customary purchase price adjustments.
Wolt’s team of over 4,000 employees operates a leading local commerce platform across 23 countries. Upon closing of the acquisition, Miki Kuusi will run DoorDash International, reporting to Tony Xu.
DASH latest financial results announcement
Also, yesterday on November 9, 2021, DoorDash Inc. (DASH) announced financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- DASH reported total revenue of $879 million in Q3 2021 compared to $1.27 billion in Q3 2020.
- Total cost and expenses were $914 million in Q3 2021 compared to $1.37 billion in Q3 2020.
- Net cash provided by operating activities was $525 million compared to $315 million in Q3 2020.
- It suffered a net loss of $42 million or $0.96 per basic and diluted share in Q3 2021 compared to a net loss of $101 million or $0.30 per basic and diluted share in Q3 2020.
- Adjusted EBITDA was $86 million which was the same in Q3 2020.
DASH partnership with Ulta Beauty
On November 2, 2021, DoorDash (DASH), announced a partnership with Ulta Beauty (ULTA), to offer same-day delivery from select Ulta Beauty stores in Atlanta, Boston, Chicago, Los Angeles, Houston, and Boise.
DASH Engineering office
Restaurant delivery app DoorDash (DASH) announced to grow its engineering team by opening a new engineering office in Pittsburgh. The company would have a staff of 50 people in the news office and it’s expected to open next year.
Conclusion
The recent financial results and acquisition of Wolt were the reasons behind its after-hour surge on Tuesday and it can continue its momentum on Wednesday as well.
