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00:02DoorDash is expanding its competition with Amazon and Walmart through its $17 billion
00:08acquisition of Instacart, according to The Wall Street Journal. The combined company would control
00:1319% of U.S. online grocery sales, compared with Amazon's 40% and Walmart's 27%.
00:21DoorDash shares fell 9.4% Thursday, following news of an Amazon-Uber Eats partnership.
00:27DoorDash's larger delivery network, with millions of drivers compared to Instacart's
00:32600,000 shoppers, could improve the speed and efficiency of Instacart's deliveries.
00:38Instacart has nearly 600,000 shoppers, while DoorDash has millions of delivery drivers.
00:44DoorDash has not disclosed how many dark stores it operates or how many it needs to support
00:49its grocery delivery ambitions, leaving investors uncertain about its strategy.
00:55DoorDash shares trade at about 40 times forward earnings, down from more than 70 times at
01:00the end of last year.
01:01For all things money, visit Benzinga.com.
