When DoorDash (NYSE:DASH) stormed onto the scene last December through its highly successful IPO, the stock immediately became a darling among growth-oriented investors. At the time, the country’s largest food delivery company was viewed as a poster child for businesses that benefited from stay-at-home practices and government-imposed restrictions.
The acceleration in DoorDash’s growth was spectacular. Revenue surged by 30% on a sequential basis to $879 million for the quarter ending September 30, 2021. In the year-earlier quarter, revenue increased by a much more modest 11% to $239 million.
Similar to how the pandemic steered consumers who were previously uneasy about shopping online toward e-commerce platforms, the pandemic opened the door to food delivery services to many new users.
This is evidenced by total orders skyrocketing by 200% year-over-year to 543 million for the nine…