DoorDash posts better-than-expected Q1 sales but shares fall on cost concerns

DoorDash has reported higher-than-expected revenue in the first quarter, as strong growth in U.S. grocery orders helped make up for slowing restaurant demand. The San Francisco-based delivery company said Wednesday its revenue rose 23% to $2.51 billion in the January-March period. That was higher than Wall Street was expecting. DoorDash said its total orders climbed 21% to 620 million. DoorDash said the value of U.S. grocery orders doubled from the same period last year as the company continues to add more grocery partners. It said U.S. restaurant orders also grew but at a slower pace than last year.