SoftBank Group Corp reportedly has sold 11.4 million shares of food delivery company DoorDash Inc. The shares were previously marketed via Goldman Sachs Group Inc, Reuters notes.
According to a report from Bloomberg, the shares of Doordash were priced at around $182.95 each during the sale. The sale value of 11.4 million of Doordash shares, according to a source familiar with the matter, accumulated to around $2.2 billion. Accordingly, Doordash’ shares were last down around 5.3%.
Softbank sold the shares of Doordash a week after the company’s quarterly earnings report. In the reportage, Doordash revealed its prediction for the upcoming quarters. One of the points mentioned noted that the company is predicting a seasonal decline in order rates. Meanwhile, another point showed that Doordash is expecting new customer addition in the current quarter.
On top of Doordash’s estimates in its quarterly earnings report, the company had reported a comparably bigger loss in the second quarter than expected. This likely happened due to Doordash’s heavy spendings to expand internationally and into a crowded market for groceries during the pandemic.
Read also: DoorDash is Finally Available in Japan!
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