Instacart Q3 revenue tops estimates; to be acquired by DoorDash
DASH•Instacart reported Q3 revenue of $1.10 billion, up 17% year over year and above estimates of $1.07 billion, while adjusted EPS of $0.60 missed the $0.63 estimate. The company is to be acquired by DoorDash in a $17 billion cash-and-stock deal.
1. Quarterly results
Instacart's Q3 revenue rose 17% year over year to $1.10 billion, beating analyst expectations of $1.07 billion. Adjusted EPS was $0.60, below the $0.63 estimate, and net income was $147 million.
2. Acquisition and outlook
Instacart is to be acquired by DoorDash in a $17 billion cash-and-stock deal. The company suspended financial guidance and withdrew previously issued long-term guidance. Advertising and other revenue grew 23% year over year.
