Instacart ad revenue up 19%

Instacart’s ad revenue was up 19% in the third quarter of 2023 to $222 million. However, despite performing better than analysts had predicted, Instacart still suffered a $2 billion GAAP net loss in its first earnings report since going public. Advertising & other revenue of $222 million, up 19% year-over-year, representing 3.0% of GTV. GAAP gross profit of $561 million, up 16% year-over-year, representing 7.5% of GTV and 73% of total revenue. Adjusted EBITDA of $163 million, up 120% year-over-year, representing 2.2% of GTV and 21% of total revenueWhat Instacart is saying.