Instacart Reports Better-Than-Expected Q1 Results Driven By Large Order Numbers

Instacart parent Maplebear Inc. CART reported its first-quarter financial results after the bell Wednesday. Here's a look at the key figures from the report.  

The Details:

Instacart reported quarterly earnings of 43 cents per share, which beat the analyst consensus estimate of a loss of 2 cents per share.

Quarterly sales came in at $820 million, which beat the analyst consensus estimate of $793.44 million by 3.35%.

Gross transaction value (GTV) was $8.319 billion, up 11% year-over-year. The company said its strong performance was driven by orders of 72.8 million, which grew 9% year-over-year, and an average order value (AOV) of $114, up 2% year-over-year.

“Our critical advantages fueled our solid Q1 results, including our fourth consecutive quarter of expanding
year-over-year GTV growth, as well as strong GAAP net income and Adjusted EBITDA profitability. We remain well
positioned to deliver Q2 year-over-year growth in GTV that represents a continued step up compared to the growth
we delivered in 2023, and we're well on track to expand Adjusted EBITDA profitability in 2024,” said Fidji Simo, Maplebear CEO.

Outlook: 

Instacart expects second-quarter gross transaction value of $8 billion to $8.15 billion, representing year-over-year growth of 7% to 9%, and adjusted EBITDA of $180 million to $190 million, representing approximately 2.3% of GTV.

Related News: Hims & Hers Health Reports Better-Than-Expected Q1 Results, Strong Guidance

CART Price Action: According to Benzinga Pro, Maplebear shares are down 4.2% after-hours at $35.89 at the time of publication Wednesday.

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