Uber Eats Rival DoorDash Plans a Fourth-Quarter IPO
DoorDash is preparing to take the plunge into the stock market with an initial public offering (IPO) during the fourth quarter of 2020, according to inside sources. It will join several other major publicly traded food delivery companies in space, including Grubhub (NYSE: GRUB) and Uber Technologies' (NYSE: UBER) Uber Eats. The IPO is likely to occur in November or December, sources told Bloomberg News.
Other major companies in the highly competitive arena continue to struggle with the issue of more orders leading to losses rather than gains, as expenses mount above fees. Grubhub posted a loss from record-breaking food deliveries during the second quarter of 2020, while Uber Eats also posted a loss even though its delivery segment generated a 122% year-over-year rise in gross bookings, climbing to $7 billion, and its number of monthly average platform customers soared 71%.
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Source Fool.com
