Instacart tops estimates, issues upbeat outlook

In this articleCART your favorite stocksCREATE FREE ACCOUNTThe Instacart logo is seen on a smartphone and on a PC screen.Pavlo Gonchar | SOPA Images | Lightrocket | Getty ImagesInstacart's second-quarter earnings topped estimates and the grocery dery company issued strong guidance after the bell Thursday.s jumped more than 6% in ext trading.Here's how the company did versus LSEG estimates:Earnings per : 41 cents vs. 38 cents expectedRevenue: $914 million vs. $896 million expected"We dered another strong quarter, reinforcing the essential role we play in helping families time, money, and effort putting food on the table," wrote outgoing CEO Fidji Simo in a holder letter to employees.Simo, who helped take the grocery dery company public in 2023 and guided it through a massive growth period during the Covid-19 pandemic, will step down from her position later this month as she joins OpenAI as its new head of applications.Read more CNBC newsTrump's chip tariff declaration raises more questions than answeoftBank's Vision Fund posts best performance in 4 yearsApple and Trump detail $100 billion U.S. spending expansion, including $2.5 billion for an iPhone glass factoryOpenAI is giving ChatGPT to the government for $1Simo will remain head of the board as chief Chris Rogers steps into the role

Net income more than doubled from a year ago to $116 million, or 41 cents per .The company said it is harnessing artificial intelligence to imve personalization and accelerate feature launches.Instacart said it expects gross transaction value to range between $9 billion and $9.15 billion for the current quarter, surpassing the $8.93 billion analysts had forecast.Orders rose 17% to $82.7 million from a year ago

Instacart said its average value per order fell 5% due in part to a lower free dery threshold for Instacart+ members.s have jumped 17% year to date.Don’t miss these insights from CNBC Nvidia gets price target hike from Goldman Sachs ahead of earningsA bearish 'double top' pattern just formed in the Dow