Doordash

$Celsius(CELH.US) -16% pre-mkt after reporting 2Q Revs and Adj EPS that missed WS estimates. CELH does not offer forward guidance.

- Revs $817.9M, +11% y/y, vs $872.6M est

- Adj EPS 36c vs. 47c y/y and vs 41c est

- North America revenue $790.7M, +11% y/vs $847.3M est

- Intern’l revenue $27.2N, +9.7% y/y vs $25.3M est

- Gross margin 48.1% vs. 51.5% y/y, vs 48.6% est

- Adj Ebitda $184.2M vs $198.4M est

Ex-Rockstar, organic sales growth was just +2% vs. WS +9% est, as brand Celsius declines (-12%) were more than offset by Alani Nu growth (+22%). Mgmt offered little commentary to suggest a turnaround any time soon. “We delivered a double-digit increase in 2Q revenue, completed the Rockstar integration, and maintained gross margin near first-quarter levels despite a challenging commodity environment."

With the $PepsiCo(PEP.US) distribution agreement to sell $Celsius(CELH.US) globally now 4 years old, further CELH distribution gains (c-store, gas stations) are likely limited. I believe $Doordash(DASH.US) with +20% long-term rev growth and +25% long-term eps growth at a 2026 P/E of 37x is a better bet than $Celsius(CELH.US) with at best +5% organic rev growth and a 2026 P/E of 16x.

$Doordash(DASH.US) -2% post-mkt after reporting 2Q results ahead of ests, and posting stronger than exp 3Q guidance. 2Q earnings were light vs consensus. Stock weak after the print because of higher costs and expenses associated with more orders. I believe stock will recover given strength in orders, revs, and EBITDA.

2Q actual:

- Marketplace GOV $33.1B +36% Y/Y vs $32.9B est

- Revs 4.45B vs 4.34B est

- Orders 970m vs 967.4M est

- Adj Gross margin 54.2% vs 51,8% est

- Adj EBiTDA $914M vs $843.4M est

- Adj EPS $.46 vs $.48 est

- Free cash flow $742M vs $840M est

3Q guidance:

- Marketplace GOV $33.0-$34.0B vs $33.5B est

- Adj EBITDA $950M-$1,100M vs $982.2M

Conf call 430 pm ET

Nikkei - $JD.com(JD.US) E-Commerce Giant CEO warns "Robots Will Replace 700,000 Delivery Workers".

Per FT's earlier piece last month: The 700,000 delivery personnel working for the firm will be replaced by robots, highlighting how rapid automation has become a new threat to China's already severe job market.

Liu Qiangdong, revealed that the company has signed contracts with approximately 120 schools to retrain its delivery workers, enabling them to transition into new roles such as robot repair and maintenance...

"Beijing has started to track AI’s hit to jobs as a national priority."

This follows other corporate strategy reports like $Amazon(AMZN.US), of avoiding 600,000 future hires with robots.

But it's very interesting to see the shift in worker roles to robot support. Maybe $Doordash(DASH.US) to $Uber Tech(UBER.US) to $Mercadolibre(MELI.US), we'll all start to see this rollout following China.

There's a lot of retail disbelief over humanoid/robotics commercialization. But feels like the direction industry is heading down is pretty clear.

🚨 Cathie Wood’s ARK Trade Highlights – June 4, 2026

🟢 Bought: $Alibaba(BABA.US) $Meta Platforms(META.US) $Broadcom(AVGO.US) $Coinbase(COIN.US) $Circle(CRCL.US) $X-Energy(XE.US) $Doordash(DASH.US) $Pony AI(PONY.US) $Kodiak Robotics(KDK.US)

🔴 Sold: $Archer Aviation(ACHR.US) $Veracyte(VCYT.US) $Teradyne(TER.US) $Baidu(BIDU.US) $AMD(AMD.US)

• $Uber Tech(UBER.US) and $Doordash(DASH.US) are declining despite strong demand for their services.

• $Alphabet(GOOGL.US)'s YouTube revenue may exceed Wall Street expectations, contributing to a 27% stock increase in 2026.

• $DexCom(DXCM.US) rose after promising at least 10% annual growth through 2030.

• $CRBS stock fell sharply after a successful IPO amid a broader market sell-off.

• Taiwan Semiconductor is currently in a strong uptrend. $Taiwan Semiconductor(TSM.US)