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DoorDash attributes Q1 sales growth to stimulus checks
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Despite the fact that restaurants were reopening for indoor dining, DoorDash still managed to see its sales increase in the first quarter.
The delivery company on Thursday released its earnings report, which showed that revenue grew to $1.1 billion, a 198% year-over-year increase. The company also saw its total orders grow by 219% to 329 million.
In a statement, the company said that sales growth — even as coronavirus restrictions eased — may be attributed to federal stimulus checks.
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"As markets continued reopening and in-store dining increased across the U.S., the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter," the company said in a statement. "We believe stimulus checks were partially responsible for this, as their issuance increased consumer demand on our platform at the same time as in-store dining rates accelerated in many markets."