Maplebear (CART) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered 11% GTV growth, 10% order growth, and 12% revenue growth to $852 million, maintaining leadership in online grocery and advertising.

• Net income improved from a $2.0 billion loss in Q3 2023 to $118 million profit in Q3 2024, driven by lower stock-based compensation and operating efficiencies.

• Adjusted EBITDA rose 39% year-over-year to $227 million, with margin improving to 27%.

• Completed a restructuring plan in Q1 2024, reducing headcount by 7% and generating cost savings.

• Continued momentum in technology integration, omnichannel solutions, and advertising diversification, with significant progress in Caper Carts and restaurant offerings.

Financial highlights

• Q3 2024 revenue: $852 million (up 12% year-over-year); GTV: $8.3 billion (up 11%); orders: 72.9 million (up 10%).

• Adjusted EBITDA reached $227 million, up 39% year-over-year; margin at 27%.

• Net income: $118 million in Q3 2024 vs. $2.0 billion net loss in Q3 2023.

• Gross profit increased 14% to $641 million; gross margin improved to 75%.

• Fourth consecutive quarter of positive GAAP net income.

Outlook and guidance

• Q4 GTV expected between $8.5 and $8.65 billion, representing 8%-10% year-over-year growth.

• Q4 adjusted EBITDA guidance of $230-$240 million, with growth driven by operating expense leverage.

• Management expects continued impact from macroeconomic factors such as inflation, interest rates, and changing consumer preferences.

• Anticipates normalization of SBC in Q4, with ongoing annual equity refresh grants impacting Q2 each year.

• The company plans to reinvest cost savings from restructuring into growth initiatives.