Instacart (Maplebear Inc.) shares surged 10.59% in after-hours trading following the release of its second-quarter financial results, which showed adjusted EBITDA and gross transaction value comfortably beating Wall Street expectations, alongside an upbeat forecast for the third quarter.
The company reported Q2 adjusted EBITDA of $313 million, surpassing the consensus estimate of $298 million, while gross transaction value (GTV) reached $10.35 billion, ahead of the $10.20 billion analysts had projected. Revenue rose 14% to $1.04 billion, slightly above the $1.03 billion estimate. Although earnings per share of $0.45 missed the expected $0.54, investors focused on the stronger-than-expected profitability and transaction volumes, as well as the company's rosy outlook.
Looking ahead, Instacart forecast third-quarter GTV between $10.30 billion and $10.55 billion, exceeding the $10.21 billion consensus estimate. The company also guided for adjusted EBITDA of $320 million to $340 million, above the $318.8 million analysts had anticipated. The results and guidance reflect strengthening demand for online grocery delivery and advertising, with CEO Chris Rogers noting the company is attracting and engaging more customers across its marketplace and enterprise platform.