Maplebear Inc

CART: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$29.50	Ksxf	Nsxshvgr

Maplebear Earnings: Customer Acquisition Spending Helps Drive Strong Growth in Transaction Volume

Noah Rohr

May 9, 2024

No-moat Maplebear (Instacart) delivered solid fiscal 2024 first-quarter results as the firm continued growing at a brisk pace, with gross transaction value, or GTV, climbing 11%. We were pleased to see GTV growth underpinned by a 9% increase in order volume (to 73 million), comfortably exceeding our 5% forecast and marking a stark reversal from the slight volume decline seen in the first quarter of last year. Advertising revenue followed commensurately, with percentage growth in the high single digits.

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