DoorDash, Inc. (NASDAQ:DASH)'s shares are down by 12.5% over the past year and by 1.3% year-to-date. On August 6th, the shares closed 2.9% higher after the firm's second quarter earnings report on the 5th. Cramer commented on DoorDash, Inc. (NASDAQ:DASH) as part of his discussion about the earnings season.
The CNBC TV host discussed DoorDash, Inc. (NASDAQ:DASH), along with Uber: "The only one that was not trashed today. . .was DoorDash. People just loved the DoorDash. And, they liked DoorDash as much as they didn't like Uber.
A lot of people I think shorted DoorDash on Uber cause they've go so much overlap and that was obviously a bad trade." DoorDash, Inc. (NASDAQ:DASH)'s second quarter results were a strong set of numbers on many fronts. They saw the firm's operating cash flow and free cash flow jump 87% and 109% to $944 million and $742 million. Additionally, orders jumped to $970 million and revenue grew by 36% to $4.45 billion.
DoorDash, Inc. (NASDAQ:DASH)'s market gross order value (GOV) grew by 36% to $33 billion. All of these metrics suggest that the firm is currently in a growth phase and is gaining market share. However, on the bearish front, DoorDash, Inc. (NASDAQ:DASH)'s second quarter GAAP net income dropped by 30% to $200 million while its R&D expenses jumped by 52% to $535 million.
Additionally, the firm could also face headwinds from regulatory action on its gig worker minimum wages and inflation eating into discretionary spending. DoorDash, Inc. (NASDAQ:DASH) could be in trouble if these headwinds come right at the time it is spending heavily on automated delivery platforms. As for Uber Technologies, Inc. (NYSE:UBER), the shares are down by 17.9% over the past year and by 8.3% year-to-date.
They closed 5% lower on the 5th after it reported second quarter earnings. The dip occurred despite the fact that Uber Technologies, Inc. (NYSE:UBER)'s TTM free cash flow crossed the $10 billion mark for the first time, its bookings grew by 24% annually to $58 billion and trips increased 18% to $3.87 billion. The firm's revenue missed analyst estimates, while earnings beat the estimates.
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