On-demand food delivery service DoorDash (NYSE:DASH) will be reporting results tomorrow afternoon. Here's what to look for.

DoorDash beat analysts' revenue expectations by 2.4% last quarter, reporting revenues of $2.30 billion, up 26.7% year on year. It was a strong quarter for the company, with solid revenue growth. The company reported 574 million service requests, up 22.9% year on year.

Is DoorDash a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting DoorDash's revenue to grow 20.5% year on year to $2.45 billion, slowing from the 39.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.57 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. DoorDash has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 4.2% on average.

Looking at DoorDash's peers in the consumer internet segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Meta delivered year-on-year revenue growth of 27.3%, meeting analysts' expectations, and Roku reported revenues up 19%, topping estimates by 3.7%. Meta traded down 10.6% following the results while Roku was also down 10.3%.

Read our full analysis of Meta's results here and Roku's results here.

Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 thanks to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and while some of the consumer internet stocks have fared somewhat better, they have not been spared, with share prices down 4.4% on average over the last month. DoorDash is down 4.2% during the same time and is heading into earnings with an average analyst price target of $136.4 (compared to the current share price of $132.49).

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