Instacart's IPO surges as the grocery delivery company goes from the supermarket to the stock market

The San Francisco-based company's shares were up about 30% shortly after they started trading on the Nasdaq stock exchange under the ticker symbol “CART.”

“We have demonstrated our ability to help our retail partners drive strong growth and stay competitive in a complex and increasingly digital industry,” wrote Simo, a former Facebook executive who became Instacart’s CEO in 2021. As of August, Instacart controlled 70% of the third-party U.S. grocery delivery market, according to YipitData, a market research firm. DoorDash controls around 10%. This week, DoorDash added more U.S. grocers to its offerings, including Cub, Lowe’s Markets and Eataly.

Some grocers have unwound partnerships with Instacart or built up their own delivery capability. H-E-B, a Texas chain, encourages customers to shop on its own site, not Instacart’s, if they want lower-cost delivery, Bishop said. Other big grocers, like Walmart and Target, also do their own deliveries.

Still, Instacart’s revenue was up 31% to $1.47 million in the first six months of this year, largely due to increases in the advertising fees it collects from retailers and food companies. The company reported net income of $242 million in the first six months of this year.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Stocks slide ahead of Fed meeting, Instacart IPO: Stock market news todayStocks fell on Tuesday as the Federal Reserve was set to begin its latest policy meeting.
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Stocks slide as Fed meeting begins, Instacart IPO: Stock market news todayStocks fell on Tuesday as the Federal Reserve was set to begin its latest policy meeting.
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Instacart’s Long-Awaited IPO to Test CEO’s Pivot, Market Rebound(Bloomberg) -- Online grocery startup Instacart has been flirting with an initial public offering for years and is finally set to take the plunge Monday in another bellwether listing for a still-anxious market.Most Read from BloombergMGM Resorts Hackers Broke In After Tricking IT Service DeskHow Auto Executives Misread the UAW Ahead of Historic StrikeEurope Is Better Prepared If Trump Wins Again, Germany’s Baerbock SaysUS, Chinese Officials Meet in Malta in Bid to Keep Channels OpenHouse Republi
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Instacart’s Long-Awaited IPO to Test CEO’s Pivot, Market ReboundOnline grocery startup Instacart has been flirting with an initial public offering for years and is finally set to take the plunge Monday in another bellwether listing for a still-anxious market.
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »