California’s DoorDash shows surge in revenue growth, profitable growth in IPO filing

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California’s DoorDash shows surge in revenue growth, profitable growth in IPO filing

DoorDash Inc., the SoftBank-backed American on-demand prepared food delivery service provider founded back in the 2013s, had filed for a NYSE IPO on Friday, while the San Francisco, California-headquartered logistics company had also reported a sharp rise in revenue growth alongside a quarterly profit for the first time, since the food delivery start-up had been preparing for what analysts had long been contemplating as the year’s most high-profile IPO (Initial Public Offering).

On top of that, as beforementioned, the IPO filing of DoorDash Inc. with the US SEC (Securities and Exchange Commission) followed a spike in revenues and profits this year as tens of millions of Americans have become heavily reliant on food delivery services this year in light of a pandemic outbreak at large.

Notably, the seven-year-old food delivery start-up has been competing with deep-pocket rivals likes of Uber Eats, GrubHub Inc. alongside Postmates Inc.

DoorDash reports quarterly profit for the first time

Aside from that, according to DoorDash Inc.’s IPO filing with the US SEC revealed later on Friday, the San Francisco-based prepared food delivery service provider had reported a nearly 200 per cent rise in revenues to $1.92 billion over the first three quarter of the year, while the company had also posted a profit of $23 million over Q2, 2020.

Concomitantly, acknowledging that a sudden spike in orders and business activities had exposed the company to a number of “material weaknesses” at its financial reporting such as a steep lack of technical expertise alongside an incompetence in accounting, the prepared food delivery start-up was quoted saying late on Friday that the company had been on the lookout of additional workforce at its accounting, engineering and business intelligence units.

Besides, DoorDash IPO filing had also unveiled that the company had about $1.6 billion in cash to date alongside a $300 million in credit facility that would heighten up to $400 million following its Initial Public Offering.