DoorDash sees record orders and revenue in second quarter even as US restaurant traffic slows WPXI [Video]

DoorDash said Thursday that it set records for orders and revenue in the second quarter, growth that came despite slowing U.S. restaurant traffic.

The San Francisco-based delivery company said its total orders rose 19% to 635 million in the April-June period. That was ahead of the 625 million Wall Street expected, according to analysts polled by FactSet.

DoorDash said revenue rose 23% to $2.6 billion, which also exceeded analysts’ forecast of $2.5 billion.

Its stock jumped 11% in after-hours trading.

U.S. restaurant demand has weakened in recent months as many inflation-weary consumers opt to cook at home. Circana, a market research firm, said restaurant traffic was down 2.6% in the first half of the year.

Earlier this week, McDonald’s reported a 1% drop in same-store sales during the April-June period, the first decline since the end of 2020. Starbucks also said its quarterly revenue fell due to weak customer traffic.

But DoorDash Co-Founder and CEO Tony Xu said his …