Online grocery delivery platform Instacart (NASDAQ: CART) will be reporting results this Wednesday before the bell. Here’s what to expect.
Instacart beat analysts’ revenue expectations last quarter, reporting revenues of $992 million, up 12.3% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a decent beat of analysts’ revenue estimates.
Is Instacart a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Instacart’s revenue to grow 12.3% year on year, improving from the 9.4% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Instacart has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Instacart’s peers in the online marketplace segment, some have already reported their Q1 results, giving us a hint as to what we can expect. EverQuote delivered year-on-year revenue growth of 14.5%, beating analysts’ expectations by 5.7%, and Etsy reported revenues up 3.1%, topping estimates by 2.4%. Etsy traded up 2.1% following the results.
Read our full analysis of EverQuote’s results here and Etsy’s results here.
There has been positive sentiment among investors in the online marketplace segment, with share prices up 11.1% on average over the last month. Instacart is up 1.8% during the same time and is heading into earnings with an average analyst price target of $50.67 (compared to the current share price of $41.75).
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