Instacart jumps 9% on strong results as CEO calls grocery competition fears overblown
Summary
Instacart's stock jumped 9% after it reported stronger-than-expected fourth-quarter revenue and a 14% increase in gross transaction value (GTV), its best quarterly growth in three years. CEO Chris Rogers called worries about mounting grocery-delivery competition "overblown" and said the company monitors threats closely while emphasizing its points of differentiation. Instacart said it is investing in new technology and AI to drive more customers and businesses to its platform amid competition from Amazon, Uber Eats and DoorDash. Orders totaled 89.5 million, beating estimates, and the company issued an upbeat GTV forecast of $10.13–10.28 billion with adjusted EBITDA guidance above expectations.
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AI & Machine learning
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SaaS
Retail Technology
E-commerce Software
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Instacart
$1B+