Instacart pops as it beats on top and bottom lines
Instacart shares jumped as the company posted better-than-expected results for the second quarter and gave a rosy outlook for third-quarter profitability.
The stock was up 7.3% in recent after-hours trading.
The grocery delivery platform reported earnings of $0.41 a share on revenue of $914 million, topping analysts’ expectations of $0.38 in EPS and revenue of $896 million, according to FactSet.
Total orders were up 17% from a year earlier and gross transaction value was $9.08 billion, up 11%.
The company also forecast Q3 adjusted EBITDA of $260 million to $270 million, compared to analysts’ expectations for $247 million.