Maplebear Q2 Earnings: Instacart Stock Pops As Revenue, Earnings Beat Expectations

Author: Adam Eckert | August 06, 2024 05:28pm

Maplebear Inc (NASDAQ:CART) shares are trading higher in Tuesday’s after-hours session after the company reported better-than-expected financial results and issued strong guidance.

• Q2 Revenue: $823 million, versus estimates of $806.57 million

• Q2 EPS: 20 cents, versus estimates of 13 cents

Gross transaction value was $8.19 billion in the quarter, up 10% year-over-year.

“Our strong Q2 results demonstrate our consistent execution towards our vision of powering the future of grocery through technology,” the company said in a letter to shareholders.

“As the leading online grocery marketplace, our scale and critical advantages continue to help us serve our customers, retailers, brands, and shoppers better. At the same time, we're investing in an ambitious portfolio of longer-term bets that are starting to show promise and have the ability to unlock new growth opportunities.”

Outlook: Maplebear expects a third-quarter gross transaction value of $8.1 billion to $8.25 billion. The company anticipates third-quarter adjusted EBITDA of $205 million to $215 million versus estimates of $202.7 million.

See Also: Reddit Q2 Earnings: ‘Strong Quarter Across The Board,’ Revenue Beat, Daily Active Users Up 51% And More

CART Price Action: Maplebear shares were up 8.59% after hours at $34.13 at the time of publication Tuesday, according to Benzinga Pro.

Photo: Shutterstock.

Posted In: CART