Instacart Reports Strong Q2 Results
10% Year-Over-Year Growth in GTV
CEO Highlights Company's Success in Q2
Instacart announced strong second-quarter results on Tuesday, with the company's total revenue growing 10% year-over-year. This marks the third consecutive quarter of double-digit growth for the company.
In a statement, Instacart CEO Fidji Simo said, "We're pleased to report strong Q2 results, including 10% year-over-year growth in our gross transaction value (GTV). This growth was driven by continued strength in our core business, as well as the success of our new initiatives, such as Instacart Express."
Instacart's core business continues to grow, with the company adding new customers and increasing the frequency of orders per customer. Instacart Express, a subscription service that offers free delivery on orders over $35, has also been a major driver of growth for the company.
Looking ahead, Instacart is forecasting continued growth in the second half of the year. The company expects to grow its GTV by 15-20% in the third quarter and 20-25% in the fourth quarter.
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