DoorDash (NYSE: DASH) stock was a pandemic darling thanks to the company's dominant food delivery platform, which kept restaurants afloat and consumers fed during periods of social restrictions. Its business has understandably slowed since then, and its stock price has fallen 65% from its all-time high.

Now, DoorDash is looking for new ways to spark growth. CEO Tony Xu released a letter to investors alongside the company's financial results for the second quarter of 2023 (ended June 30), in which he discussed a vision of several new businesses under the DoorDash banner. 

The company's food delivery business has achieved scale and it's the largest in America, yet it's still losing money. Any investments in other projects will likely amplify those losses for years to come, but Xu says expanding DoorDash's horizons could be highly beneficial over the long term. Here's what the strategy could mean for the stock.

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Source Fool.com