Instacart (CART) reported first-quarter revenue of $1.02 billion, a 14% year-over-year increase. This result surpassed analyst estimates of $1.01 billion. Gross Transaction Value (GTV) rose 13% to $10.29 billion. The company exceeded $10 billion in GTV and $1 billion in revenue for the first time in a single quarter.
Net income grew 36% to $144 million, or 57 cents per share. These earnings matched Wall Street expectations. Total orders for the quarter increased 10% year-over-year to 91.2 million.
CEO Chris Rogers noted a shift in consumer behavior toward value-focused and club retailers. Shoppers are prioritizing affordability while maintaining overall grocery spending.