DoorDash (DASH) Stock Rips Higher on Earnings, Plan to Acquire Wolt for ~$8B

DoorDash, Inc. (NYSE: DASH) shares surged 12% after hours Tuesday following earnings and news the company will acquire Finland-based Wolt Enterprises OY, a leading local commerce platform across 23 countries, in an all-stock transaction valued approximately at €7 billion (U.S. $8.09 billion).

Miki Kuusi, Co-Founder and CEO of Wolt, will run DoorDash International upon the closing of the acquisition. He will report to Tony Xu, the Co-founder and CEO of DoorDash.

"We have an opportunity to build a global platform for local commerce in the internet era," said Tony Xu. "Joining forces with Wolt will deepen our pool of superb talent and allow us to accelerate our international growth, while elevating our focus on the U.S. We expect the ingenuity, product expertise, and operational excellence of our combined company to expand our TAM, improve our investment efficiency, increase our long-term profit potential, and generate significant shareholder value."

On the earnings side, DoorDash (NYSE: DASH) reported Q3 EPS of ($0.30), $0.02 worse than the analyst estimate of ($0.28). Revenue for the quarter came in at $1.28 billion versus the consensus estimate of $1.17 billion.

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