Instacart (CART) stock tumbled late Tuesday after the grocery delivery company reported lower-than-expected fourth-quarter sales with earnings that beat expectations. Instacart parent company Maplebear also gave mixed guidance.
Instacart said that it earned 53 cents per share on sales of $883 million for the December-ended quarter. Analysts polled by FactSet projected the San Francisco-based company would earn 38 cents per share on $891 million in sales.
↑ X NOW PLAYING Defense Trumps Growth Again; Brown & Brown, Mastercard, Hims & Hers In FocusSales grew 10% year-over-year. The gross transaction value processed by Instacart's marketplace grew 10% to $8.65 billion. Analysts were projecting $8.62 billion prior to the report.
Meanwhile, Instacart's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 27% to $252 million, compared to expectations of $240 million.
For the current quarter, Instacart guided for gross transaction value of $9.08 billion, based on the midpoint of its range. Prior to the company posting its results, analysts were looking for roughly $9 billion in gross transaction value for the March quarter. But Instacart projected adjusted EBITDA of $225 million for Q1, compared to estimates for $237 million.
On the stock market today, Instacart stock is down more than 8% at 44.52 in recent after-hours action.
More earnings coverage to come.
Prior to earnings, Instacart stock fell 1.2% in regular Tuesday trading. Shares have gained 18% so far this year and 60% in the past 12 months. Instacart went public in September 2023.
Coming into the report, Instacart stock had an IBD Composite Rating of 76 out of 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
But Instacart's IBD Relative Strength Rating was a strong 93 out of 99. The RS Rating means that Instacart has outperformed 93% of all stocks in IBD's database over the past year.
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