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Instacart forecasts upbeat quarterly core profit on online grocery delivery demand

by Sarkiya Ranen
in Technology
Instacart forecasts upbeat quarterly core profit on online grocery delivery demand
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INSTACART forecast second-quarter core profit above Wall Street estimates on Thursday, betting on resilient demand for grocery and food on its delivery platform as more people shop online.

Shares of the company, which also beat first-quarter core profit estimates, were up about 12 per cent in extended trading.

The company, also known as Maplebear, has been attracting customers amid a highly competitive environment with its wide retailer and shopper partner network and options for customers to save on delivery fees through its Instacart+ membership.

Instacart had also slashed its minimum order value for members to avail free delivery to US$10 from US$35 for all retailers except Costco earlier in March. It also offers delivery for non-members with a delivery fee starting at US$3.99.

The company has been bolstering advertising on its platform, incorporating AI-powered features, including its new Universal Campaigns that help brands create one campaign with a single budget that optimises across multiple ad formats.

Instacart expects core profit for its second quarter to be between US$240 million and US$250 million, above analysts’ estimate of US$237.2 million, according to data compiled by LSEG.

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The company expects gross transaction value, a key metric that shows the value of products sold based on prices shown on Instacart, to grow between US$8.85 billion and US$9.00 billion in the second quarter, the midpoint of which is slightly below analysts’ expectations of US$8.94 billion.

For the first quarter ended March 31, Instacart posted a core profit of US$244 million, beating estimates of US$229.4 million.

Its advertisement revenues rose 14 per cent in the reported quarter after increasing 9 per cent in the year-ago quarter.

Gross transaction value for the reported quarter was US$9.12 billion, almost in line with estimates of US$9.11 billion, while revenue rose 9 per cent to US$897 million, compared with analysts’ expectations of US$898 million. REUTERS



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Tags: CoreDeliveryDemandForecastsGroceryInstacartOnlineProfitQuarterlyUpbeat
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

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