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Technology Stocks : Peer-to-Peer, Gig and On-Demand Economies

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To: Glenn Petersen who wrote (894)	2/28/2023 4:50:49 PM
From: Glenn Petersen	of 910

Instacart’s Revenue and Profit Climb Ahead of Public Listing Grocery-delivery company increased sales 39% last year despite slower results on its app By Jaewon Kang, Berber Jin and Corrie Driebusch Wall Street Journal Feb. 28, 2023 A part-time worker for Instacart filled customer orders in New Jersey last year.PHOTO: MICHAEL LOCCISANO/GETTY IMAGES --------------------------- Instacart Inc. generated sharply higher sales and profit in the fourth quarter, according to people familiar with the matter and an internal memo, as the company prepares for its highly anticipated initial public offering of stock. The grocery-delivery company told employees on Tuesday that its revenue increased more than 50% in the fourth quarter, compared with the same period a year earlier, while gross profit rose more than 80%, according to a memo viewed by The Wall Street Journal. Instacart’s full-year revenue increased 39% to about $2.5 billion for 2022, people familiar with the matter said, as the company reaped the benefits of a push into advertising while it has struggled to increase order volume at the same pace it did during the height of the Covid-19 pandemic. Instacart in 2022 processed $29 billion in overall sales across the platform, a measure known as gross transaction volume, up about 16% from the previous year, the people said. Instacart shared those numbers Tuesday during a call with investors. During the call, executives said the company is waiting for more cooperative markets to go public. Write to Jaewon Kang at jaewon.kang@wsj.com, Berber Jin at berber.jin@wsj.com and Corrie Driebusch at corrie.driebusch@dowjones.com Instacart’s Revenue and Profit Climb Ahead of Public Listing - WSJ

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