SAN FRANCISCO - Instacart (NASDAQ:CART) reported second-quarter earnings that surpassed analyst expectations, driving its shares up 8% in after-hours trading. The online grocery delivery platform posted strong revenue growth and raised its guidance for the third quarter.
Instacart reported adjusted earnings per share of $0.20 for the second quarter, significantly beating the analyst estimate of $0.05. Revenue came in at $823 million, up 15% YoY and above the consensus estimate of $794.12 million. The company's gross transaction value (GTV) reached $8.19 billion, marking a 10% increase YoY.
"Our strong Q2 results demonstrate our consistent execution towards our vision of powering the future of grocery through technology," said Fidji Simo, CEO of Instacart. "As the leading online grocery marketplace, our scale and critical advantages continue to help us serve our customers, retailers, brands, and shoppers better."
The company's adjusted EBITDA for the quarter was $208 million, representing 25% of total revenue and a substantial 89% increase YoY. Orders grew by 7% YoY to 70.8 million.
Looking ahead, Instacart provided upbeat guidance for the third quarter. The company expects GTV between $8.1 billion and $8.25 billion, representing YoY growth of 8% to 10%. Adjusted EBITDA is projected to be between $205 million and $215 million, surpassing the analyst estimate of $202.7 million.
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