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Instacart (CART) is moving slightly higher today after reporting its Q3 results this morning. The grocery technology and marketplace provider beat EPS expectations, while revenue increased 10.2% yr/yr to $939 mln, in-line with expectations.

• Orders rose 14% yr/yr to 83.4 mln, driving GTV up 10% to $9.17 bln, helped by growth in both users and order frequency. Average order value fell 4% yr/yr due to more restaurant orders and a $10 basket minimum for Instacart+ members, though unit economics remain positive across all basket sizes.
• Transaction revenue grew 10% yr/yr to $670 mln on improved shopper efficiency and lower incentives. Advertising and other revenue also rose 10% to $269 mln, supported by growth in Carrot Ads and off-platform partnerships.
• The company acknowledged competition from DoorDash (DASH) and Amazon (AMZN) but said it's not worried about retailers using multiple marketplaces, seeing it as motivation to deepen partnerships and accelerate tech-driven integrations.
• Providing a boost to sentiment and a vote of confidence from management was the $1.5 bln increase to its share repurchase program and a $250 mln accelerated buyback initiative.
• Q4 guidance calls for GTV of $9.45-9.6 bln (+9-11%), ad growth of 6-9%, and EBITDA of $285-295 mln, reflecting solid demand through October and enterprise momentum, but some macro drag from EBT/SNAP funding uncertainty.

Briefing.com Analyst Insight

This was a strong quarter for CART, highlighted by double-digit growth in orders and GTV and capped off with a sizable share repurchase program. Its advertising segment remains a growing bright spot, while management continues to view its enterprise platform as a key growth driver, citing its ability to embed Instacart's technology directly into retailers' operations and create long-term, recurring partnerships. Sentiment has been pressured by competition from DASH and AMZN, though management appears undeterred, viewing it as motivation to deepen retailer relationships and accelerate innovation. While some macro uncertainty lingers, Instacart's core business seems solidly positioned for steady growth with multiple levers from its expanding enterprise platform.