American food delivery company DoorDash reported better-than-expected quarterly results Friday in its first detailed release since becoming a publicly-traded company.

The company's performance is considered to be an updated snapshot of the state of the food delivery sector before the expected reopening of restaurants later this year. For its latest quarter ended in December 2020, the company reported a significant 226% increase in sales compared to the same period last year.

Despite its stellar performance for the quarter, DoorDash was cautious of its 2021 outlook. The company said that its business prospects remain highly uncertain given the expected reduced demand in food deliveries once restaurants and bars reopen as vaccination campaigns ramp up.

"We expect 2021 Marketplace GOV to be in a range of $30.0 billion to $33.0 billion, with 2021 Adjusted EBITDA in a range of $0 million to $200 million. Our outlook anticipates the successful rollout of COVID-19 vaccines, among other things," DoorDash said.

DoorDash's stock was down 10.9% at $148.70 per share in late trading Thursday from a close of $166.32 per share. The company went public in December last year at $102 per share.  

For its latest quarter, the company posted revenue of $970 million, a 226% increase from the same period last year. The figure beat average analysts' estimates of $938 million for the period.  DoorDash said that its order volume hit 273 million for the period, a 233% year-on-year increase.

DoorDash reported a GAAP loss of $312 million for the quarter. On an adjusted EBITDA-basis, the company earned $94 million for the period.

DoorDash's business got a significant boost throughout last year as the pandemic-induced movement restrictions and lockdowns increased demand for food deliveries. That boost is expected to wind down later this year as nationwide vaccinations accelerate.

"Though we cannot predict the short or long-term effects this [vaccination rollout] will have on consumer behavior, our guidance assumes it creates headwinds to growth in total orders and average order values," DoorDash said.

JPMorgan analysts said that DoorDash will likely have to deal with other challenges throughout the rest of the year. Apart from the expected decrease in food delivery demand, DoorDash will have to contend with the increased competition in the food delivery space. Analysts said that DoorDash currently holds a 50% market share in the U.S. but competitors such as Uber Eats are slowly catching up.