Instacart Reports Better-Than-Expected Q2 Earnings, Shares Move Higher

Instacart parent company Maplebear Inc CART reported financial results for the second quarter after the market close on Thursday. Here’s an overview of the delivery aggregator’s report.

• Q2 Revenue: $914 million, versus estimates of $896.91 million

• Q2 EPS: 41 cents, versus estimates of 39 cents

CART is posting impressive gains in the latest session. Check the price action here.

Maplebear said orders increased 17% year-over-year to 82.7 million in the second quarter as total revenue increased 11% and gross transaction value rose 11% year-over-year to $9.08 billion.

The company ended the quarter with approximately $1.28 billion in total cash and cash equivalents.

“Our strategy is working: we're accelerating online grocery adoption by creating better customer experiences, deepening retailer partnerships, and leveraging our data in innovative ways — all while expanding profitability,” the company said in a letter to shareholders.

“Our unique scale and advantages allow us to build grocery technologies with partners in ways that competitors simply can't match, and have us well-positioned to lead as AI transforms how people make decisions and manage their daily lives.”

Outlook: The Instacart parent expects third-quarter gross transaction value to be in the range of $9 billion to $9.15 billion. The company anticipates third-quarter adjusted EBITDA of $260 million to $270 million.

“The opportunity ahead is enormous, and we’re still only just beginning,” the company said.

CART Price Action: Maplebear shares were up 8.42% in after-hours, trading at $53.55 at the time of publication on Thursday, according to Benzinga Pro.

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