© Reuters
By Sam Boughedda
Investing.com — DoorDash Inc (NYSE:) has authorized the repurchase of up to $400 million shares, it was revealed late Thursday.
In a regulatory filing, the online food ordering and food delivery platform said that the buyback program aims to offset a portion of the dilution from its employee stock compensation program. It is the first stock buyback authorization from the company since it went public in 2020.
“Repurchases may be made from time to time through open market repurchases or through privately negotiated transactions,” stated DoorDash.
DoorDash saw significant growth during the pandemic, with its stock hitting a high of over $257 in November 2021. However, it is down more than 54% this year and currently trades above the $66 mark.
In its , released at the beginning of May, DoorDash missed quarterly profit expectations but beat revenue forecasts.
The company said it grew Monthly Active Users and DashPass members to new record highs.
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