DoorDash Plunges Into Loss On Pricey Grocery Expansion
Food-delivery firm DoorDash Inc's loss widened more than expected in the second quarter as the U.S. upstart spent heavily to expand internationally and into a crowded market for grocery during the pandemic.
Shares of the company are trading more than 4% lower in the premarket after total expenses more than doubled to $1.34 billion, overshadowing a surge in revenue.
Demand for delivery of essentials has stayed strong during the health crisis, leading DoorDash to sign new partnerships with pet specialty retailer PetSmart Inc, grocer Albertsons Inc and plant-based...
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