Instacart Q1 Earnings: Revenue, EPS Come Up Short Despite 14% Order Growth — 'Groceries Aren't Discretionary — They're Essential'

Maplebear Inc (NASDAQ:CART) reported first-quarter financial results Thursday after the market close. Shares are moving higher, despite slightly missing analyst estimates. Here’s a rundown of the print.

• Q1 Revenue: $897 million, versus estimates of $898.02 million

• Q1 EPS: 37 cents, versus estimates of 38 cents

The delivery aggregator said orders increased 14% year-over-year to 83.2 million in the first quarter as total revenue jumped 9%. Gross transaction value climbed 10% year-over-year to $9.12 billion.

“This performance reflects the critical role we play in helping families fill their fridges and pantries, as well as the benefit of our growth initiatives, which are giving consumers even more reasons to turn to Instacart,” the company said in a letter to shareholders.

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Guidance: The Instacart parent company guided for a second-quarter gross transaction value of $8.85 billion to $9 billion. The company also anticipates second-quarter Adjusted EBITDA of $240 million to $250 million versus $244 million in the first quarter.

“Over the past 13 years, we've consistently shown our ability to grow even during periods of macro uncertainty and economic challenges. Groceries aren't discretionary — they're essential — and by helping families save time, money, and effort every day, we're expanding the market, deepening our role in customers' lives, and strengthening our value to our retail and brand partners,” the company said.

CART Price Action: Maplebear shares were up 3.40% after hours, trading at $41.15 at the time of publication on Thursday, according to Benzinga Pro.

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