SAN FRANCISCO - Instacart (NASDAQ:CART) reported better-than-expected second quarter earnings and revenue, sending its stock up 7% in after-hours trading. The leading grocery technology company also provided upbeat guidance for the third quarter.
For the second quarter ended June 30, 2024, Instacart posted adjusted earnings per share of $0.20, significantly beating the analyst estimate of $0.05. Revenue came in at $823 million, surpassing the consensus estimate of $794.12 million and representing a substantial increase from the same quarter last year.
The company's strong performance was driven by continued growth in its grocery delivery and pickup services, as well as expansion of its advertising and enterprise technology offerings. Instacart's partnerships with over 1,500 retail banners and presence in more than 85,000 stores across North America contributed to the robust results.
Looking ahead, Instacart provided guidance for the third quarter, projecting adjusted EBITDA between $205 million and $215 million. This outlook exceeds the analyst consensus estimate of $202.7 million, indicating continued momentum in the company's business.
"Our second quarter results demonstrate the strength of our platform and the value we provide to both consumers and retail partners," said Fidji Simo, CEO of Instacart. "We remain focused on innovating and expanding our services to meet the evolving needs of the grocery industry."
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