Instacart suffers steepest drop on record after disappointing revenue, lackluster forecast

In this photo illustration, Instacart logo is seen on a smartphone and on a pc screen. Instacart 's stock had its worst day on record, slumping 12% after the grocery delivery company posted a fourth-quarter revenue miss and offered light guidance for the current period. Prior to Wednesday's move, the stock's biggest one-day slump came in November, when it dropped 11%. Instacart reported fourth-quarter revenue of $883 million, falling short of the $891 million average analyst estimate, according to LSEG. The company said it anticipates adjusted earnings of between $220 million and $230 million for the first quarter, below a consensus forecast of $237.1 million. Gross transaction value, which measures the value of products sold, will come in between $9 billion and $9.15 billion in the quarter, compared to a FactSet estimate of $9 billion. Instacart said it expects average order growth to decline due to restaurant orders and its $0 delivery fee on minimum $10 baskets. When Instacart ... Read full article.