Online food ordering company DoorDash posted higher revenue as orders increased during the third quarter.

Revenue rose 27.2 per cent year over year to $2.2 billion as orders jumped 24 per cent to 543 million in the three-month period ended September 30.

Marketplace GOV – which DoorDash defines as the total dollar value of orders completed on the company’s marketplaces – rose 24 per cent to $16.8 billion. The company’s net loss narrowed to $73 million.

“We are excited by our progress so far in 2023, and even more so by the opportunity we have to further expand the scale, breadth, and impact of our business going forward,” the company said in a statement.

DoorDash said it forecasts marketplace GOV of $17.0 billion to $17.4 billion in the fourth quarter, but noted a possible deterioration in consumer spending in any of its markets that may drive results below the estimates.

The company added that its increasing international exposure intensifies the risks involved in operating in foreign markets.

For the first nine months of the year, DoorDash saw revenue increase 32.9 per cent to $6.3 billion and net loss improve to $404 million.