Instacart parent company Maplebear Inc (NASDAQ: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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