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Instacart delivered in its latest earnings report. The grocery delivery company managed 72.9 million orders in the third quarter, up 10% year-over-year. Gross transaction value for those orders, which the company defines as “the value of the products sold based on prices shown on Instacart,” came in at $8.3 billion, an 11% jump YoY.
That’s an important metric, the company explained, as it “indicates the health of our business, including our ability to drive revenue and profits, and the value we provide to our constituents.” On the back of that solid gross transaction value, total revenue climbed 12% year-over-year to $852 million for the quarter.
In the same period last year, Instacart posted $764 million in revenue, with a GAAP net loss of $2 billion, which the company blamed on high stock-based compensation costs after its September 2023 IPO. (The company trades under the name Maplebear Inc.)
Now, Instacart anticipates gross transaction value for Q4 2024 to come in between $8.5 and $8.65 billion, a 10% increase from last year’s outlook even as Instacart accounts for an internet outage from one of its partners. The company expects adjusted EBITDA to fall within the range of $230 to $240 million.
“With the grocery market still vastly underpenetrated online, we're taking an aggressive approach to reinvesting in opportunities that we believe can drive long-term growth while steadily expanding profitability,” Fidji Simo, Instacart’s CEO, said in a statement.