Instacart tops third-quarter expectations under new CEO Rogers, gives strong guidance

Core Insights - Instacart's stock increased over 8% following strong third-quarter earnings and positive guidance under new CEO Chris Rogers [1][2] - The company reported a 10% revenue growth, reaching $939 million, and gross transaction value also rose 10% to $9.17 billion, exceeding estimates [1][4] Financial Performance - Revenue for the third quarter was $939 million, surpassing the expected $934 million [4] - Earnings per share were adjusted to 51 cents, compared to the expected 49 cents [4] - Gross transaction value increased to $9.17 billion from $8.3 billion in the previous year, exceeding the $9.11 billion estimate [1] Future Outlook - For the current quarter, Instacart forecasts gross transaction value between $9.45 billion and $9.6 billion, indicating a year-over-year growth of 9% to 11% [3] - The midpoint of the forecasted gross transaction value surpasses the $9.48 billion estimate by FactSet [3] - The company anticipates EBITDA in the range of $285 million to $295 million [3] Strategic Focus - CEO Chris Rogers emphasized the company's leadership in online grocery delivery and plans to invest in customer and retailer relationships, advertising ecosystem, and AI-powered tools [2]