DoorDash saw its total orders increase by 23% year over year to 574 million in the fourth quarter of 2023, while its gross order value also jumped by 22% to $17.6 billion, the company reported Thursday.

Revenue was also up 27% from the same time last year to $2.3 billion, and its GAAP net loss was down to $156 million, a substantial decline from the $642 million reported in the fourth quarter of 2022.

Despite the positive returns, DoorDash stock dropped in after-hours trading by more than 11%.

“Throughout the year, we invested aggressively to improve our offerings and launched new products and features that expanded our potential in local commerce,” the company said in a press release prior to the earnings call. “We are proud that our innovation and investment helped generate nearly $50 billion in sales for local merchants and over $15 billion in earnings for more than 7 million Dashers in 2023.

“At the same time, we grew Marketplace GOV by 25% year-over-year (Y/Y) in 2023 to $66.8 billion, with improvements to our unit economics and fixed cost leverage. We are incredibly proud of our team’s progress.”

The company said the outlook for 2024 will continue to focus on building tools to solve problems for consumers, merchants, and employees.

Monthly active users reached an all-time high of 37 million in December 2023, up five million users from the year prior.