关注"墨腾创投"⭐，不错过最新行业洞察 昨天，正在积极推进全球扩张的美国头部外卖平台DoorDash宣布，将关闭旗下Deliveroo和Wolt两个品牌在四个国家的运营：卡塔尔、新加坡、日本和乌兹 别克斯坦。 DoorDash于2025年完成了对总部在英国的Deliveroo的收购。此前，它在2022年收购了总部位于芬兰的Wolt。 这一次，Deliveroo退出新加坡市场的消息引起了墨腾身边不少朋友的关注 - 尤其是喜欢吃健康色拉的朋友。 Deliveroo自2015年起就在新加坡运营，过去几年里，它逐步收缩战线，更多聚焦于高端用户，而不是与Grab和Foodpanda在大众市场正面竞争。 2. 事实上，在Deliveroo于2025年4月退出香港之后，一些行业观察者已经开始猜测新加坡是否会是下一个。我们并不清楚Deliveroo当时为何保留新加坡市 场 - 但他们显然最终必须要做出一个战略决策。在外卖平台业务中，"规模不足"的市场位置会随着时间推移而持续恶化。要么投入资源争取规模密 度，要么退出。很难存在一个长期稳定的中间状态； 3. 新加坡本身并不是一个特别小的市场 - 我们追踪到2025年新加坡外卖平 ...

DoorDash said Wednesday that it’s ending operations in Qatar, Singapore, Japan and Uzbekistan. The San Francisco-based delivery company said the decision comes after a monthslong review of country-specific conditions. DoorDash said it wants to focus its investments on places were it can build sustainable scale and long-term market leadership. “Our priority is supporting our teams and partners through an orderly transition as we focus on the geographies where we can offer the best products and build for l ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Deliveroo's Italian arm placed under supervision over alleged labour exploitation February 25, 202611:35 AM UTCUpdated ago By Emilio Parodi A delivery worker with a backpack of Deliveroo rides a bike in London, Britain, January 16, 2025. REUTERS/Isabel Infantes/File Photo Purchase Licensing Rights, opens new tab MILAN, Feb 25 (Reuters) - Milan prosecutors have placed the Italian arm of food de ...

The delivery giant said it will wind down delivery services across Qatar, Singapore, Japan and Uzbekistan. ...

DoorDash delivered piping hot earnings this week, accompanied by a side of lukewarm expectations for the first quarter. The delivery giant’s revenue in the winter quarter climbed 38% from the same time last year for a total that’s flirting with $4 billion. The app notched about 903 million orders, a 32% jump, as coffee-table diners double-dashed breakfast burritos and ramen. Orders were boosted by DoorDash’s October acquisition of British delivery app Deliveroo — without the new app, DoorDash orders still ...

来源：环球市场播报 核心要点 DoorDash 股价周四上涨，因华尔街忽略了其不及预期的第四季度业绩，并认可这家外卖平台投资周期 已出现早期成效。 财报公布后，由于营收与利润均低于华尔街预期，且公司给出的盈利指引不佳，该股在盘后交易中一度 下跌约 10%。 DoorDash 预计，第一季度对去年收购的英国外卖平台 Deliveroo 的持续投入，将继续拖累调整后 EBITDA。公司还预计，美国近期冬季风暴将带来 2000 万美元影响，同时长途配送投入与受监管市场 成本上升也会推高订单成本。 但随着公司投资开始显现初步回报迹象，华尔街选择忽略其低于预期的业绩。 摩根士丹利分析师布莱恩・诺瓦克在给客户的报告中写道： "DoorDash 业务强劲且加速增长，单位经济持续改善，使其具备实现更可持续增长与持续投资的能 力。" 诺瓦克重申对其美国核心餐饮外卖业务的信心，并强调零售、杂货及国际业务等新板块的单位经济与增 长持续向好。 投资者此前曾对公司高强度投资周期发出警告。 上一季度，在 DoorDash 宣布计划加大对新技术平台、自动驾驶配送等创新投入后，股价创下史上最差 单日表现。 DoorDash 首席财务官拉维・ ...

Core Viewpoint - Doordash's stock experienced a rally despite disappointing fourth-quarter results, as Wall Street recognized early progress in the company's investment cycle [1][2]. Group 1: Financial Performance - The company reported earnings that fell short of Wall Street's expectations on both revenue and profit, leading to an initial drop of about 10% in shares during extended trading [1]. - Doordash anticipates a $20 million impact from recent U.S. winter storms and increased order costs due to investments in longer-distance deliveries and cost increases in regulated markets [2]. Group 2: Investment Strategy - The company is expected to continue investing in Deliveroo, the British delivery platform acquired last year, which is projected to negatively impact adjusted EBITDA in the first quarter [2]. - Analysts noted that Doordash's investments are beginning to show signs of early payoff, contributing to a positive outlook despite the subpar results [2]. Group 3: Analyst Insights - Morgan Stanley analyst Brian Nowak highlighted that Doordash's businesses are strong and accelerating, with improving unit economics that support durable growth and further investment [3].

Core Insights - DoorDash is positioning itself as a technology and infrastructure partner for local commerce, moving beyond meal delivery to own the software and logistics stack [1][2] - The company aims to maximize long-term free cash flow and sees its acquisition of Deliveroo as a key part of this strategy, with Deliveroo expected to contribute approximately $200 million in EBITDA this year [2][9] - DoorDash is evolving into a broader commerce platform that integrates software, advertising, fulfillment, and autonomy to empower local businesses against larger digital competitors [10] Financial Performance - In the fourth quarter, DoorDash reported a revenue increase of 38% year over year, reaching $3.955 billion, with a GAAP net income of $213 million and adjusted EBITDA of $780 million [9] - For the full year, the company achieved total revenue of $13.7 billion and net income attributable to common stockholders of $935 million [9] - Management anticipates a slight increase in adjusted EBITDA margin for 2026 compared to 2025, excluding Deliveroo [9] Strategic Initiatives - The company is investing in SevenRooms, a guest experience and customer relationship management platform, to enhance merchant relationships by combining software with consumer demand [3] - DoorDash is advancing its in-house advertising technology platform, Symbiosys, which allows restaurants and retailers to purchase sponsored placements, contributing to the scaling of its ads business alongside core order growth [4] - The logistics strategy includes a "mixed fleet" model where independent contractors (Dashers) will work alongside autonomous vehicles, optimizing delivery assignments based on complexity and distance [8]

CFO Ravi Inukonda said his expectations for full-year 2026 EBITDA have not changed since the prior call. He said DoorDash expects 2026 EBITDA margin to be “up slightly compared to 2025, excluding Deliveroo,” and reiterated that Deliveroo is expected to produce about $200 million of EBITDA for the year.More broadly, Xu said the company’s business outside the U.S. is growing faster than in the U.S.—which he noted had “two of the fastest-growing quarters in 2025 in the last four years”—and that DoorDash is con ...

Financial Data and Key Metrics Changes - The company expects 2026 EBITDA margin to be slightly up compared to 2025, excluding Deliveroo, which is projected to contribute about $200 million of EBITDA [10][11][39] - The U.S. restaurant business contribution margin was up year-over-year in Q4, with expectations for continued margin improvement in 2026 [41][42] Business Line Data and Key Metrics Changes - New verticals, including retail and grocery, had a strong quarter and year, with 30% of miles in the U.S. coming from categories outside of restaurants [24][48] - The company aims to increase the percentage of miles from grocery and retail to 100% over time, with improvements in selection and efficiency driving growth [24][41] Market Data and Key Metrics Changes - The company reported high growth rates in the grocery sector, with no significant impact from competition, particularly from Amazon [47][50] - The company is expanding its capabilities with DashMart Fulfillment Services to enhance quality and compete effectively against larger players [50] Company Strategy and Development Direction - The company is focused on building an operating system for local commerce, integrating software, warehousing, and delivery infrastructure to support small and medium businesses [19][22] - Investments are being made in autonomous delivery platforms, with a vision for a fleet of vehicles to serve both urban and suburban areas [39][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position in Europe, highlighting faster growth compared to the U.S. and successful integration of Deliveroo [8][9] - The management emphasized the importance of maximizing long-term free cash flow through strategic investments in technology and service offerings [11][12] Other Important Information - The company is making significant investments in its global tech stack, with expectations for improved efficiency and feature development velocity [60][76] - The DashPass program is seen as critical for driving consumer engagement and order frequency, with plans to enhance its value proposition [66][69] Q&A Session Summary Question: Competitive intensity in Europe and investment levels for 2026 and 2027 - Management noted strong positioning in Europe and faster growth post-Deliveroo acquisition, with consistent investment levels expected [8][10] Question: Details on longer distance and higher effort deliveries - Management discussed the evolution of Dashers and the integration of software to support complex deliveries, emphasizing the need for improved pay models [18][22] Question: Strategy for autonomous delivery platform - Management outlined plans for a fleet of delivery vehicles, emphasizing the orchestration of deliveries between Dashers and autonomous vehicles [39][40] Question: Reasons for lower unit economics improvement in U.S. restaurant business - Management indicated that while margins are improving, the pace will be slower due to ongoing investments and seasonal factors [41][42] Question: Growth in grocery and perishables amid competition - Management reported continued high growth rates in grocery, asserting that consumer preference for choice supports their strategy [47][50] Question: Insights from Deliveroo acquisition - Management highlighted early successes and identified numerous small improvements that can enhance customer offerings [58][59] Question: Update on storefront software business and tech stack timing - Management confirmed positive integration with SevenRooms and expects significant tech stack benefits to materialize throughout 2026 [72][76]