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Instacart reports a $2 billion loss, but sales that beat expectations

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‘Consumers are receiving less government aid, interest rates remain high, and inflation persists,’ company says

Grocery-delivery platform Instacart on Wednesday reported a nearly $2 billion loss in its first earnings report since going public, but its sales beat expectations and the company forecast “mid-single-digit” growth in the total value of transactions on its platform.

“Given our substantially larger scale, these headwinds impact us more than smaller, new entrants,” it said. “While we expect these and other factors to continue to dampen our current and near-term growth, they do not change our long-term view on online grocery adoption or our competitive advantages.”

 

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Instacart Beats Estimates in First Earnings Report Since IPOThird-quarter revenue of $764 million was up 14% from a year earlier and ahead of Street consensus.
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