Maplebear Inc., operating as Instacart, reported significant financial developments in its latest 10-Q filing for the third quarter of 2024. The company experienced a notable increase in revenue, with Q3 2024 revenue reaching $852 million, up 12% from $764 million in Q3 2023. For the nine months ending September 30, 2024, revenue also rose to $2,495 million from $2,239 million in the same period of the previous year, reflecting an 11% increase. Gross profit for Q3 2024 was $641 million, a 14% increase from $561 million in Q3 2023, driven by improved gross margins, which rose from 73% to 75%.
The company reported a turnaround in profitability, achieving a net income of $118 million for Q3 2024, compared to a net loss of $1,999 million in Q3 2023. For the nine-month period, net income was $309 million, a significant recovery from a loss of $1,757 million in the prior year. This improvement was attributed to reduced operating expenses, which fell dramatically from $3,018 million in Q3 2023 to $503 million in Q3 2024, largely due to decreased stock-based compensation expenses and operational efficiencies.
Maplebear's total assets decreased from $4,727 million as of December 31, 2023, to $3,926 million by September 30, 2024, with cash and cash equivalents declining from $2,137 million to $1,288 million during the same period. The accumulated deficit worsened from $(2,635) million to $(3,728) million, indicating ongoing operational challenges.
Strategically, the company has been active in share repurchase programs, having repurchased approximately 46 million shares for $1,402 million in the nine months ending September 30, 2024. The board authorized a share repurchase program initially set at $500 million, later increased to $1 billion, and subsequently to $750 million in November 2024.
In terms of workforce management, a restructuring plan initiated in February 2024 led to a reduction of approximately 250 employees, or 7% of the workforce, incurring $18 million in restructuring charges. The company also faced legal challenges, including a shareholder lawsuit related to its IPO and ongoing scrutiny regarding the classification of delivery workers.
Overall, Maplebear Inc. has shown resilience in its financial performance, with significant revenue growth and a return to profitability, while navigating operational and legal complexities.
About Maplebear Inc.
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