Maplebear Inc. CART, better known as Instacart, reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details.
The Details:
Instacart reported quarterly earnings of 44 cents per share.
The company reported quarterly revenue of $803 million, missing the analyst consensus estimate of $804.17 million by 0.15%.
“Overall, I am proud of our team's hard work that delivered solid Q4 results and set us up for an
even better 2024. I believe that we have a strong and highly defensible leadership position that,
when combined with accelerating growth, will generate more shareholder value over time,” said Fidji Simo, CEO of Instacart.
“I am confident in our ability to execute, which is why we authorized an additional $500 million for share
repurchases, bringing our total buyback program to $1 billion,” Simo added.
Instacart reduced its workforce by approximately 250 team members on Tuesday in order to “flatten the organization” and work more efficiently.
The company sees first-quarter gross transaction value (GTV) of between $8 billion and $8.2 billion, representing year-over-year growth of 7% to 10%.
Related News: Avis Budget Group Stock Dips After Mixed Q4 Results
CART Price Action: According to Benzinga Pro, Instacart shares are trading up 7.72% after-hours at $30.00 at the time of publication.
Image: from Shutterstock
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