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Instacart Reports EBITDA & Revenue Beat, But Shares Drop 10%
Nov 10, 2023 1:14 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 6:49 PM)
Image credit: FMP
Instacart (NASDAQ:CART) experienced a 10% decrease in its stock price yesterday following the company's release of its first earnings report since its initial public offering (IPO) in September.
The report revealed revenues and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) that exceeded expectations.
Its Gross Transaction Value (GTV) increased by 6% in the third quarter, reaching $7.494 billion. The number of orders also grew, showing a 4% rise to 66.2 million. The company's revenue saw a 14% increase, totaling $764 million, which surpassed Wall Street's consensus estimate of $736.9 million.
Looking forward to the fourth quarter, Instacart anticipates a GTV growth of 5-6% and an adjusted EBITDA in the range of $165 to $175 million.
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