Dateline: NEW YORK, November 10, 2024 – Instacart (CART) shares surged 8% after third-quarter revenue rose 10% to 939 million, beating analyst expectations on continued grocery delivery demand 1.
The earnings beat signals resilient consumer demand for online grocery services despite macroeconomic pressures, positioning Instacart for sustained growth in the competitive delivery market.
Key Takeaways
- Q3 revenue up 10% to 939 million, above estimates
- Orders jumped 14% to 83.4 million, exceeding forecasts
- Gross transaction value increased 10% to 9.17 billion
Market reaction & context
Instacart’s stock rally outpaced broader technology indices, with shares climbing in after-hours trading following the results 1. The grocery delivery platform’s 14% order growth to 83.4 million exceeded the 82.9 million analyst estimate 2.
The company’s gross transaction value (GTV) matched revenue growth at 10%, reaching 9.17 billion and demonstrating consistent monetization across its platform 1. This performance reflects stronger fundamentals than many pandemic-era delivery companies that have struggled with post-lockdown normalization.
Detailed analysis
Instacart’s Q3 results mark its strongest performance since going public in September 2023, with the company recording its highest number of orders and total revenue in recent quarters 6. The 10% year-over-year revenue increase demonstrates the platform’s ability to maintain growth momentum despite challenging comparisons to pandemic highs.
The company’s order growth acceleration to 14% represents its strongest pace since 2022, indicating renewed consumer engagement with the platform 5. This metric suggests Instacart is successfully expanding its customer base while maintaining service quality across its network of retail partners.
Outlook & management guidance
Looking ahead, Instacart expects fourth-quarter GTV in the range of 9.45 billion to 9.60 billion, compared with analysts’ previous estimates 7. This guidance implies continued sequential growth and confidence in holiday season demand.
The company’s performance reflects steady demand for essentials and grocery delivery services, with management positioning the platform for sustained expansion 7. Instacart’s ability to beat quarterly estimates demonstrates operational efficiency improvements and effective customer acquisition strategies.
Conclusion
Instacart’s third-quarter results exceeded expectations across key metrics, driving significant share price appreciation and reinforcing investor confidence in the grocery delivery model. The company’s balanced growth in orders, revenue, and transaction value suggests a maturing business model with sustainable unit economics.
With strong guidance for Q4 and continued market share gains, Instacart appears well-positioned to capitalize on the structural shift toward online grocery shopping while navigating competitive pressures in the delivery space.
Not investment advice. For informational purposes only.
References
1“Instacart shares jump as Q3 earnings and revenue top expectations”. Investing.com. Retrieved November 10, 2024.
2“Instacart reports Q3 revenue up 10% YoY to 939M”. Techmeme. Retrieved November 10, 2024.
3“Instacart Revenue and Usage Statistics (2025)”. Reddit. Retrieved November 10, 2024.
4“New Study Shows Instacart Spurs Job Growth and Revenue Increases”. Instacart Investor Relations. Retrieved November 10, 2024.
5“Instacart Posts Strongest Order Growth Since 2022, Beats Earnings”. Bloomberg. Retrieved November 10, 2024.
6“Instacart posts strong order growth amid macroeconomic turmoil”. Grocery Dive. Retrieved November 10, 2024.
7“Instacart Beats Quarterly Estimates on Steady Demand for Essentials”. U.S. News & World Report. Retrieved November 10, 2024.
8“InstaCart Statistics By Revenue, Users, Sales and Facts (2025)”. ElectroIQ. Retrieved November 10, 2024.