(Bloomberg) -- Just Eat Takeaway.com NV reported revenue that rose last year as spending on orders increased, even as volumes fell.

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Revenue increased about 4% to €5.6 billion ($5.9 billion) in 2022, the company said in a statement Wednesday. That matched what analysts expected in the period.

The food-delivery companies that experienced surging orders during the pandemic have been grappling with a slowdown after restaurants reopened for in-person dining. Amsterdam-based Just Eat has been focusing on cutting costs as it looks for ways to win new customers.

Earnings before interest, taxes, depreciation, and amortization for the full-year was €19 million compared to a loss of €350 million the previous year, the company said. Just Eat maintained its long-term targets and said it still expects to achieve adjusted Ebitda of about €225 million in 2023, with growth skewed toward the end of the year.

The shares reversed earlier losses of as much as 11% and were trading 3% higher as of 1:40 p.m. local time.

Just Eat’s large Ebitda beat in the second half of 2022 was mainly due to the firm’s Northern Europe segment, according to Jefferies analyst Giles Thorne. Another key item from the results was a lack of guidance on the gross transaction value for 2023, Thorne said.

Growth in the US needs to improve said Chief Executive Officer Jitse Groen on a call with journalists, adding that the company’s businesses have “very varied results.”

Read More: Just Eat Takeaway Records 3 Billion-Euro Hit on Grubhub

Just Eat Takeaway’s recent efforts to consolidate have led it to partner with UK supermarket J Sainsbury Plc, Turkish startup Getir Perakende Lojistik A.S. and Domino’s Pizza Inc.