Instacart's parent posted $1.04 billion in second-quarter revenue, 90.3 million orders and forecast third-quarter gross transaction value of $10.30 billion to $10.55 billion.
Maplebear Inc., Instacart's parent, rose 9.48% in after-hours trading to $49.30 on Thursday after reporting second-quarter revenue of $1.04 billion, ahead of estimates of $1.03 billion. Earnings per share came in at 45 cents, below estimates of 54 cents, but investors appeared to focus on continued order growth, higher transaction volumes and a solid third-quarter outlook. Orders increased 9% year over year to 90.3 million in the quarter, while total revenue and gross transaction value each climbed 14%. The company generated $493 million in operating cash flow and $480 million in free cash flow (cash left after expenses and investments), ending the quarter with about $637 million in cash and cash equivalents. CEO Chris Rogers said the company is attracting and engaging more customers across its marketplace and enterprise platform, while improving the online grocery experience, expanding retailer adoption of its enterprise technologies and broadening its advertising ecosystem. For the third quarter, Maplebear expects gross transaction value of $10.30 billion to $10.55 billion and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $320 million to $340 million.