Instacart guides Q3 gross transaction value above analyst forecasts
Instacart said Thursday that second-quarter revenue rose 14% to $1.04 billion, above the $1.03 billion that analysts polled by FactSet expected, as orders and gross transaction value increased. The delivery platform, formally known as Maplebear, also issued third-quarter guidance that exceeded Wall Street forecasts.
Shares jumped about 10.1% in late trading to $49.58. Through Thursday’s close, the stock was up slightly for the year.
Instacart posted net income of $111 million, down from $116 million a year earlier. Earnings attributable to common stockholders rose to 45 cents a share from 41 cents a share, below the 54 cents a share that analysts expected.
Revenue increased from $914 million in the year-ago quarter. Gross transaction value climbed 14% to $10.35 billion, and orders grew 9% to 90.3 million.
Chief Executive Chris Rogers said the company’s growth has meaningfully picked up over the last three quarters and that it is attracting more customers across its platform.
For the third quarter, Instacart forecast gross transaction value of $10.3 billion to $10.55 billion and adjusted earnings before interest, taxes, depreciation and amortization of $320 million to $340 million. Analysts on average expected gross transaction value of $10.29 billion and adjusted Ebitda of $318.6 million, so both guided metrics came in ahead of estimates.