Instacart rises on upbeat quarterly forecasts
CART•Shares rise after forecast beats
Shares of online grocery delivery firm Instacart CART.O rose 11% to $50.25 in extended trading.
The company forecast third-quarter gross transaction value (GTV) and core profit above analysts' estimates as consumers choose the convenience of online grocery deliveries.
Instacart expects third-quarter GTV, a key metric that shows the value of products sold based on prices shown on Instacart, to be between $10.30 billion and $10.55 billion, above analysts' average estimate of $10.21 billion, according to data compiled by LSEG.
It also sees adjusted core profit in the range of $320 million to $340 million, versus an estimate of $318.8 million.
Second-quarter results top estimates
Instacart posted second-quarter GTV of $10.35 billion, compared with an estimate of $10.20 billion.
Second-quarter adjusted core profit of $313 million surpassed analysts' expectations of $298 million.
As of the last close, the stock was marginally flat year to date.
