The Instacart logo is seen on a smartphone and on a PC screen.
Pavlo Gonchar | SOPA Images | Lightrocket | Getty Images
Instacart‘s second-quarter earnings topped estimates and the grocery delivery company issued strong guidance after the bell Thursday.
Shares jumped more than 6% in extended trading.
Here’s how the company did versus LSEG estimates:
- Earnings per share: 41 cents vs. 38 cents expected
- Revenue: $914 million vs. $896 million expected
“We delivered another strong quarter, reinforcing the essential role we play in helping families save time, money, and effort putting food on the table,” wrote outgoing CEO Fidji Simo in a shareholder letter to employees.
Simo, who helped take the grocery delivery company public in 2023 and guided it through a massive growth period during the Covid-19 pandemic, will step down from her position later this month as she joins OpenAI as its new head of applications.
Simo will remain head of the board as business chief Chris Rogers steps into the role. Rogers, who joined the company in 2019, was appointed CEO in May.
Gross transaction value, a metric that tracks the value of goods sold, rose about 11% from a year ago to $9.08 billion and surpassed a FactSet estimate of $8.93 billion. Net income more than doubled from a year ago to $116 million, or 41 cents per share.
The company said it is harnessing artificial intelligence to improve personalization and accelerate feature launches.
Instacart said it expects gross transaction value to range between $9 billion and $9.15 billion for the current quarter, surpassing the $8.93 billion analysts had forecast.
Orders rose 17% to $82.7 million from a year ago. Instacart said its average value per order fell 5% due in part to a lower free delivery threshold for Instacart+ members.
Shares have jumped 17% year to date.
YTD stock chart for Maplebear (Instacart).