DoorDash Inc shares (NYSE:) rose more than 6 percent in premarket trade Friday, after the delivery service reported higher-than-expected Q1 revenues and adjusted EBITDA.

DASH suffered a loss of 48c per share, up from 34c last year. The company’s Q1 revenue came in at $1.46 billion, up 35% YoY and above the consensus projection of $1.38 billion.

This period saw a record 404 million orders, which was 23% higher YoY than the 394.5 million expected.

DASH anticipates an adjusted EBITDA range of $0 to 100 million for the second quarter. Analysts were expecting $82.5 million. The market gross order value of DASH is expected to be between $12.1 billion-$12.5 billion as opposed to $12.11 billion analyst estimates.

DoorDash projects FY adjusted EBITDA to be between $0 and $500 million. This is in contrast to the $291.9million expected. The FY market gross order value will be between $49 billion and $51 billion. This is higher than the $48 billion-$50 billion guidance, but still lower than the $49.54 billion consensus estimate.

DASH expects to close its deal with Wolt in the second quarter, though it warned of “significant uncertainty” related to the impact of factors like inflation, higher interest rates, gas prices, and labor shortage.

Morgan Stanley analyst Brian Nowak said that the DASH earnings report demonstrated “industry-leading execution (users, DashPass, GOV).”

“We think this stronger than expected topline was a result of share gains in the US market and strength in core US Restaurant and DashPass. We highlighted the importance of DASH’s profit leading core US Restaurant business as a driver of dollars to invest and flow through to investors in our initiation and (based on DASH’s 1Q:22 shareholder letter) expect more of the same to come,” Nowak added in a note.

Goldman Sachs analyst Eric Sheridan continues to see DASH “as a category leader in local commerce/logistics.”

“Two main themes are likely to dominate DASH’s business performance in the years ahead: 1) short-term it will be the rate of GOV & revenue growth deceleration in a post pandemic world; & 2) long-term it will be their success in building a wider array of products/services and scaling a broader local commerce platform,” Sheridan wrote in a note.

By Senad Karaahmetovic