Maplebear Inc. (NASDAQ:CART), operating as Instacart, reported better-than-expected earnings for the third quarter on Monday.
The company reported earnings of 51 cents per share, compared to the analysts’ estimate of 50 cents, up from 42 cents per share in the same period last year. Revenue came in at $939 million, versus the estimate of $933.96 million and $852 million for the same period last year.
Maplebear said orders increased 14% year-over-year to 83.4 million in the third quarter as total revenue increased 10% and gross transaction value rose 10% year-over-year to $9.17 billion.
Chris Rogers, Chief Executive Officer, said, “Across our marketplace, enterprise solutions, and ads ecosystem – Instacart is executing from a position of strength. We’re the clear leader in online grocery among digital-first players, one of the top retail media networks in North America, and we operate a profitable, cash-generating model that gives us the flexibility to keep investing in what’s next.”
Maplebear expects fourth-quarter gross transaction value (GTV) to range between $9.45 billion and $9.60 billion, and projects adjusted EBITDA of $285 million to $295 million.
Maplebear shares closed at $37.33 on Monday.
These analysts made changes to their price targets on Maplebear following earnings announcement.
- Needham analyst Bernie McTernan maintained Maplebear with a Buy and lowered the price target from $66 to $50.
- Benchmark analyst Mark Zgutowicz maintained the stock with a Buy and lowered the price target from $67 to $60.
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