Gig-work stocks have had a terrible month, and the regulatory clouds that worry investors are not going away anytime soon.
DoorDash Inc. managed to buck the trend Thursday, surprising investors with gross orders well above analysts’ expectations and more than three times the volume of a year ago. Its shares surged in after-hours trading, at one point climbing nearly 8%, as the company also raised its full-year net volume and its adjusted earnings outlook.
“The negative impact to consumer behavior was smaller than we had initially anticipated, and that enabled us to actually beat our Q1 guidance by 9%,” DoorDash Chief Financial Officer Prabir Adarkar told analysts on Thursday.
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