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)

$Doordash(DASH.US) +11% AH as 2Q gross order value guidance exceeded expectations and 1Q results came in line. This is similar to $Uber Tech(UBER.US) who also guided higher for 2Q gross bookings after posting in-line results for 1Q.

2Q Guidance:

- Marketplace gross order value $32.4B - $33.4B vs $32.25 billion est.

- Adj Ebitda $770M-$870M vs $830M est.

1Q Results:

- Marketplace gross order value $31.6B +37% y/y, vs $31.21B est

- Rev $4.04B, +33% y/y, vs $4.15B est

- EPS 42c vs. 37c est

- Adj Ebitda $754M vs $741.4M est

- Adj gross margin 51.9% vs. 51.1% est

- Orders 933M vs 942.25M est

- Free cash flow $420M vs $631.2M est

COMMENTARY AND CONTEXT

- We continue to expect Deliveroo to contribute approximately $200 million to our Adjusted EBITDA in 2026"

- 2Q EBiTDA guidance included gross cost of the Dasher gas relief program of $50M, funded at least partially by adjusting investments in other area

DASH continues to look compelling at a FY’26 P/E of 33x and FY’26 EV/EBITDA of 19x, vs 5-year forward rev growth of +20% CAGR and 5-year forward EBITDA growth of +25% CAGR.

Conf call 430pm ET

🚨 Cathie Wood’s ARK Trade Highlights – April 20, 2026

🟢 Bought: $Kratos Defense & Security(KTOS.US) $Doordash(DASH.US) $Amazon(AMZN.US)

🔴 Sold: $Twist Bioscience(TWST.US) $Iridium Comm(IRDM.US)

Source: Hardik Shah

I have a take on why Trump did the impromptu DoorDash press conference with a driver today.

It's actually quite obvious why he did it and quite frankly I think it's very, very bullish.

So, what have we heard over the past 5 weeks from Trump?

"Iran can't have a nuke. We are going through an excursion. We will blow up the country if they don't comply."

The past 1.5 months have all been about the Iran War. Every truth social post, media appearance, press conference has all been about this war.

Well, it looks like there may be a serious chance at a deal which would end the war based on updates we got today. So, what's the first thing Trump decides to do?

Go back to the affordability narrative. The whole point of the DoorDash driver was to show the American Public that the Big Beautiful Bill is working, no tax on tips/overtime is meaningful, and reframe the narrative around how Trump is helping the working class.

For the FIRST time in over a month, we got an actual PR moment that had nothing to do with the war. Why is this bullish? Because it might mean that Trump is ready to move on from the war, claim victory, and get back to focusing on the one thing that will make or break the midterms: the economy.

IF Trump is able to get a 10-20year ban on Iranian enrichment AND he is able to get oil down, stocks up, jobs up, etc. then come November...his narrative will be: "I not only got you a job and cheap oil and low inflation, but I'm keeping your kid's kids safe from a nuclear Iran."

Voters have a very quick memory. Most will forget about this war by November if it ends soon. If it is still continuing...then it's really hard to care about a nuclear Iran if you can't pay rent.

Today's moment with that DoorDash driver showed me that it feels like Trump wants to get back to focusing on the economy, which if true, probably would be very bullish for the stock market.

Source: amit