DoorDash reported strong first-quarter results and order growth guidance after the bell on Wednesday. The food delivery giant's shares popped 12% following the report.
Earnings per share came in at 42 cents, beating estimates of 36 cents. Revenue rose 33% to $4.04 billion, missing expectations of $4.14 billion but still a significant increase from last year's $3.03 billion.
DoorDash expects marketplace gross order value to range between $32.4 billion and $33.4 billion in the current quarter, topping analyst forecasts.
The company is investing heavily in new technology and services as it builds out a single-platform tech stack that integrates its recent global acquisitions.
CEO Tony Xu has defended the company's aggressive spending initiatives, saying they will allow DoorDash to invest more efficiently and drive higher levels of growth.
DoorDash also launched an autonomous robot last year and is scaling delivery optionality.
The company expects over $50 million in costs from its relief program for drivers feeling the pressure from skyrocketing gas prices.
DoorDash's gross margin came in at 51.9%, ahead of estimates, and revenue rose 37% to $31.6 billion, beating analyst forecasts.