According to a regulatory filing on Thursday, DoorDash Inc. has authorised the buyback of up to $400 million in shares.
In its filing, DoorDash DASH, -1.08 percent stated that the move is being made to counter dilution from its employee stock-compensation scheme.
During the coronavirus pandemic, the delivery-app platform, which went public in 2020, reported continuous growth and stated that it is focused on maintaining that growth. Its stock has been continuously declining since late last year. DoorDash stock has lately hit new lows and is down 55 percent year to date. They increased less than 0.5 percent in extended trading after closing 5.2 percent higher at $66.95 on Thursday.