Instacart Beats Quarterly Estimates on Demand for Essentials, Ad Revenue

Instacart beat Wall Street's expectations for third-quarter gross transaction value and core profit on Monday, helped by steady demand for essentials on its online grocery delivery platform and higher revenue from advertising.

Shares of the company were up about 8% in premarket trading.

Instacart also said it has raised its share buyback program by $1.5 billion.

The company, formally known as Maplebear, saw solid order growth in the reported quarter, helped by faster delivery options and lower prices of products such as...

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