Instacart parent $Instacart(Maplebear) (CART.US)$ reported quarterly earnings of 43 cents per share, which beat the analyst consensus estimate of a loss of 2 cents per share.
Quarterly sales came in at $820 million, surpassing the analyst consensus estimate of $793.44 million by 3.35%.
Gross transaction value (GTV) was $8.319 billion, up 11% year-over-year. The company said its strong performance was driven by orders of 72.8 million, which grew 9% year-over-year, and an average order value (AOV) of $114, up 2% year-over-year.
"Our critical advantages fueled our solid Q1 results, including our fourth consecutive quarter of expanding year-over-year GTV growth, as well as strong GAAP net income and Adjusted EBITDA profitability. We remain well positioned to deliver Q2 year-over-year growth in GTV that represents a continued step up compared to the growth we delivered in 2023, and we're well on track to expand Adjusted EBITDA profitability in 2024," said Fidji Simo, Maplebear CEO.
Instacart expects second-quarter gross transaction value of $8 billion to $8.15 billion, representing year-over-year growth of 7% to 9%, and adjusted EBITDA of $180 million to $190 million, representing approximately 2.3% of GTV.