Doordash (DASH) Q3 2021 earnings

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DoorDash announced Tuesday it’s acquiring Wolt, a food delivery platform that’s expanded into groceries and retail, in an all-stock transaction valued at $8.1 billion.

The move is an effort to accelerate the company’s international growth. Shares of DoorDash popped more than 24% in after-hours trading following an initial dip.

Wolt has about 4,000 employees and operates in 23 countries, the company said in a release. In January, Wolt said it surpassed 10 million users.

Upon closing, Wolt founder and CEO Miki Kuusi will run DoorDash International. The deal is expected to close in the second half of 2022.

The announcement came as part of DoorDash’s third-quarter earnings report.

Here are the key numbers:

  • Loss per share: 30 cents vs 26 cents expected in a Refinitiv survey of analysts
  • Revenue: $1.28 billion vs $1.18 billion expected

DoorDash reported a net loss of $101 million. That’s more than double its loss of $43 million in the same quarter of 2020.

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