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On September 17th, local time, the Federal Reserve held its September 2026 FOMC meeting, raising the target range for the federal funds rate to 3.75%-4.00%. Donghai Securities analyst Liu Sijia stated that the Feds 25bp rate hike was in line with market expectations. Before the meeting, the market had already priced in a rate hike with a probability exceeding 90%. Besides fulfilling the hawkish stance since the Jackson Hole meeting, this also helps to rebuild the Feds image of independence and reduce the upward risk of the term premium in long-term US Treasury yields. Currently, CME data shows a probability of around 50% for an October rate hike and nearly 90% for another rate hike this year, close to the expectations shown in the dot plot. However, without the inflationary concerns arising from rising oil prices due to supply factors, the current K-shaped economic divergence in the US and the weak balance in the labor market with declining supply and demand do not support the Fed initiating a cyclical series of rate hikes. Warsh also stated that current financial conditions are not restrictive, and this rate hike is a partial withdrawal of easing. Whether a cyclical series of rate hikes will begin remains uncertain.The yield on 30-year UK government bonds fell 5.9 basis points on the day, currently trading at 5.8003%.ECB Governing Council member Rehn: The tightness of the Eurozone labor market after the Ukraine conflict and the post-pandemic crisis is not the same as in 2022.Bank of England: GDP growth is expected to be 0.4% in the third quarter (compared to a 0.1% growth forecast in July).ECB Governing Council member Rehn: The ECB closely monitors the "political situation" in Europe and has an effective toolbox to ensure the smooth transmission of monetary policy.

DoorDash Stock Rises 9% on Fourth-quarter Revenue Beat; COO Will Depart

Aria Thomas

Feb 17, 2023 11:40

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DoorDash Inc (NYSE:DASH) shares jumped more than 9% after-hours on the release of the company's Q4 earnings, with revenue of $1.82 billion (up 40% year-over-year) above the consensus forecast of $1.77 billion as customer demand remains robust.


Compared to the consensus expectation of ($0.67), Q4 EPS was ($1.65). Overall orders increased by 27% year-over-year to 467 million, due to growth in customers and consumer interaction at DoorDash, as well as the company's acquisition of Wolt. At $14.4B, Q4 Marketplace GOV surged 29% year-over-year.


Monthly Active Users (MAUs) in December grew to over 32M from over 25M a year earlier, with both DoorDash and Wolt experiencing year-over-year growth in MAUs.


The business anticipates Q1 Marketplace GOV revenues between $15.1 and $15.5 billion, with adjusted EBITDA between $120-$170 million.


For the full year of 2023, the firm forecasts Marketplace GOV revenues between $60 billion and $63 billion, with adjusted EBITDA between $500 million and $800 million.


The firm also revealed that DoorDash's COO and President, Christopher Payne, will depart on March 1, 2023. Since 2018, Prabir Adarkar has worked as the company's CFO. On March 1, 2023, he assumed the roles of COO and President.

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