Maplebear, Instacart’s parent, beat second-quarter revenue, gross transaction value and adjusted profit expectations, while advertising revenue, orders and cash flow growth supported a stronger-than-expected third-quarter outlook.
Maplebear Inc., the parent of Instacart, forecast third-quarter gross transaction value of $10.30 billion to $10.55 billion, above the $10.21 billion analyst estimate compiled by LSEG, and projected adjusted EBITDA or adjusted core profit of $320 million to $340 million versus expectations of $318.8 million. The company reported second-quarter revenue of $1.04 billion, topping estimates of $1.03 billion, while earnings per share of 45 cents missed estimates of 54 cents. Second-quarter gross transaction value reached $10.35 billion versus expectations of $10.20 billion, adjusted core profit was $313 million versus the expected $298 million, orders rose 9% year over year to 90.3 million, and both revenue and gross transaction value increased 14%. Advertising revenue grew 16% to $297 million. Shares rose 9.48% to $49.30 in one after-hours snapshot and were later reported up about 16% in extended trading. The results suggest online grocery and delivery demand remained resilient as consumers sought cheaper essentials and convenience amid sticky inflation and macroeconomic uncertainty, echoing a similarly upbeat forecast from DoorDash a day earlier.