Instacart Stock Rises After Q4 Results
Portfolio Pulse from Erica Kollmann
Instacart (Maplebear Inc., NASDAQ:CART) reported Q4 earnings of 44 cents per share with revenue of $803 million, slightly missing analyst expectations by 0.15%. CEO Fidji Simo highlighted solid Q4 results and a strong position for 2024, announcing an additional $500 million for share repurchases, totaling $1 billion. The company also reduced its workforce by 250 to improve efficiency. Instacart anticipates 7% to 10% year-over-year growth in Q1 gross transaction value, projecting between $8 billion and $8.2 billion. After the announcement, Instacart shares rose 7.72% in after-hours trading to $30.00.
February 13, 2024 | 9:53 pm
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Instacart reported Q4 earnings slightly missing estimates but announced a significant share repurchase program and workforce reduction for efficiency. Shares rose 7.72% after-hours.
The slight miss in revenue expectations is overshadowed by the positive outlook for 2024, a substantial share repurchase program, and operational efficiency improvements. These factors, combined with the after-hours stock price increase, suggest a positive short-term impact.
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RELEVANCE 100