Instacart trips after mixed earnings report

Instacart fell by more than 10% in after-hours trading on Tuesday after it reported quarterly sales and transaction volumes that missed Wall Street estimates.

The company beat profit estimates, reporting an earnings per share of $0.53 compared to the $0.38 analysts polled by FactSet were expecting. But the company reported $883 million in revenue, well below the $891 million analysts were expecting.

Instacart also reported $8.6 billion in gross transaction value — a key metric that measures the total amount customers spent on the platform — missing the $8.9 billion analysts were penciling in.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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