Instacart Hits Milestone Quarter With Record Sales and Rising Profits

Instacart topped $10 billion in quarterly gross transaction value for the first time in the first quarter, as order growth and advertising gains helped lift revenue and profit.

The grocery technology company reported first-quarter GTV of $10.29 billion, up 13% from a year earlier, with orders rising 10% to 91.2 million. Total revenue increased 14% to $1.02 billion, including $733 million in transaction revenue and $286 million in advertising and other revenue, which rose 16%.

GAAP net income...

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