Instacart’s Q4 Financial UpdateCART – a household name in the grocery delivery space – has unveiled its latest quarterly financial figures, and the market is buzzing with delight.
The Quarter in Numbers:
Instacart posted earnings of 44 cents per share for the quarter.
The company raked in $803 million in revenue, landing just below the estimated $804.17 million by 0.15%, much to the chagrin of analysts.
Fidji Simo, CEO of Instacart, expressed optimism, stating, “Overall, I am proud of our team’s hard work that delivered solid Q4 results and set us up for an even better 2024. I believe that we have a strong and highly defensible leadership position that, when combined with accelerating growth, will generate more shareholder value over time.”
Simo reiterated the company’s commitment to enhancing shareholder value, announcing an additional $500 million for share repurchases, bringing the total buyback program to a robust $1 billion.
In efforts to streamline operations, Instacart bid adieu to around 250 team members on Tuesday in a bid to “flatten the organization” and operate more effectively.
Looking ahead, the company anticipates a first-quarter gross transaction value (GTV) of between $8 billion and $8.2 billion, reflecting a 7% to 10% year-over-year growth.
Connected Developments: Avis Budget Group Witnesses Fluctuations Post Q4 Results
CART Market Performance: According to Benzinga Pro, Instacart shares leaped 7.72% after hours to $30.00 at the time of this report.
Image: from Shutterstock
