Instacart struggles to reverse Wednesday losses despite expectations beat
Published: 18:11 08 Nov 2023 EST
Instacart (NASDAQ:CART) stock climbed 0.4% after the company issued fourth-quarter earnings guidance that exceeded analyst expectations in its first report since going public in September.
The grocery delivery company guided for current quarter earnings between $165 million and $175 million, topping Street expectations of $155.6 million. It expects full-year gross transaction value (GTV) to grow by mid-single digits, in line with expectations of 4.7% growth.
For the third quarter, Instacart (NASDAQ:CART) posted revenue of $764 million, up 14% year over year and topping expectations of $736.9 million. GTV improved 6% year over year to $7.49 billion, above expectations of $7.46 billion.
Total orders rose 4% in the period, the company said.
Shares of Instacart (NASDAQ:CART) rose modestly in extended trading after dropping 4.3% during the Wednesday session.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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