DoorDash (NASDAQ:DASH) exceeded expectations with its fourth-quarter adjusted earnings and provided a positive outlook, driven by a significant increase in orders that fueled revenue growth. Despite the positive report, DoorDash’s shares dropped by 7% pre-market today.

The company announced an adjusted profit of $363 million, surpassing Wall Street’s forecast of $356 million, on revenues of $2.3 billion, which also exceeded the expected $2.25 billion. The total value of orders placed through the DoorDash app surged by 22% to $17.64 billion, with the total number of orders increasing by 23% to 574 million.

For the first quarter, DoorDash projects the total value of app orders to be between $18.5 billion and $18.9 billion, with adjusted earnings ranging from $320 million to $380 million. This forecast is in comparison to the analysts’ prediction of adjusted earnings at $358.9 million.

Looking into 2024, DoorDash anticipates the total app order value to range from $74 billion to $78 billion and expects adjusted profits to be between $1.5 billion and $1.9 billion, compared to analysts’ expectations of an adjusted profit of $1.63 billion.

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