An instacart logo and an instacart webpage are shown in this photo, in New York, Wednesday, Sept. 6, 2023. (AP Photo/Richard Drew)
Instacart forecast on Tuesday its first-quarter gross transaction value and core profit above analysts' estimates, and said it plans to cut 250 jobs, or about 7 per cent of its workforce, to focus on "promising" initiatives.
However, shares of Instacart, formally known as Maplebear, were down about 10 per cent in extended trading after the company missedfourth-quarter revenue estimates.
Grocery-delivery firm Instacart joins several U.S. and Canadian firms that have been laying off thousands of employees as they scramble to reduce costs amid an uncertain macroeconomic environment.
"This (job cuts) will allow us to reshape the company and flatten the organization so we can focus on our most promising initiatives that we believe will transform our company and industry over the long term," CEO Fidji Simo said in a letter to shareholders.
As of June 30, 2023, the company had a total employee count of 3,486, according to a regulatory filing.
The company said on Tuesday it expects current-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) between US$150 million and US$160 million, compared with analysts' estimates of US$151.6 million, according to LSEG data.
It forecast gross transaction value (GTV) - a key industry metric that shows the value of products sold based on prices shown on Instacart - between US$8 billion and US$8.2 billion, compared with analysts' estimates of 6.1 per cent growth to US$7.92 billion.
The company also authorized an additional US$500 million share repurchase program, over and above the US$500 million it announced last quarter.
Its fourth-quarter total revenue rose 6 per cent to US$803 million, falling short of expectations of US$804.2 million indicating a slowing growth after a pandemic-driven boom.
Lynx Air announced Thursday that it has filed for creditor protection from the Court of King’s Bench of Alberta. The airline said in a release that it will cease operations at midnight, Monday, Feb. 26, with flights continuing until then.
A spacecraft built and flown by Texas-based company Intuitive Machines landed near the moon's south pole on Thursday, the first U.S. touchdown on the lunar surface in more than half a century and the first ever achieved by the private sector.
A Waterloo couple is grateful to be back home after they say they were detained for several hours at a Punta Cana airport, accused of carrying drugs.
A photo of federal Agriculture Minister Lawrence MacAulay eating lobster in Malaysia during an official trip has some people seeing red.
Ten delays, one cancellation, and about 27 hours later, Air Canada travellers trying to jet out of Fort Lauderdale finally made what one of them is calling a 'hellish journey' back to Toronto.
A set of smart vending machines at the University of Waterloo is expected to be removed from campus after students raised privacy concerns about their software.
The judge overseeing the US$355 million civil fraud case has denied Donald Trump’s request to delay the judgment for a month.
Premier David Eby has been clear that speculators are in his crosshairs, and with the 2024 budget his government has announced details of a new 'BC Home Flipping Tax.'
Research has shown that sex trafficking is rampant. For Canadians reading this story this means that within one kilometre from where you’re presently located, a young person is being lured into sex trafficking.
A Waterloo couple is grateful to be back home after they say they were detained for several hours at a Punta Cana airport, accused of carrying drugs.
Premier David Eby has been clear that speculators are in his crosshairs, and with the 2024 budget his government has announced details of a new 'BC Home Flipping Tax.'
The worker killed when a crane's load came crashing down at the massive Oakridge Park development project in South Vancouver this week was a mother of two, sources tell CTV News.
Ten delays, one cancellation, and about 27 hours later, Air Canada travellers trying to jet out of Fort Lauderdale finally made what one of them is calling a 'hellish journey' back to Toronto.
Westlock residents are voting Thursday on a bylaw that would prohibit rainbow crosswalks, a common symbol of support for the LGBTQ2S+ community, and restrict the town to flying only government flags.
There were haunting scenes in Port Coquitlam Wednesday evening, as family and friends of women victimized by serial killer Robert Pickton held a vigil in their memory, at the site of the former pig farm.
The judge overseeing the US$355 million civil fraud case has denied Donald Trump’s request to delay the judgment for a month.
A fire engulfed two residential buildings in the eastern Spanish city of Valencia on Thursday, killing four people and leaving 19 others missing hours after the blaze started, authorities said.
Israeli strikes have killed at least 71 people in southern and central Gaza during roughly the past 24 hours, the territory's health officials said Thursday.
A Black high school student’s monthslong punishment by his Texas school district for refusing to change his hairstyle does not violate a new state law that prohibits race-based hair discrimination, a judge ruled on Thursday.
U.S. authorities have accused another sanitation company of illegally hiring at least two dozen children to clean dangerous meat processing facilities, the latest example of illegal child labour that officials say is increasingly common.
A fire that killed five members of a Missouri family was intentionally set by the mother, police said.
A photo of federal Agriculture Minister Lawrence MacAulay eating lobster in Malaysia during an official trip has some people seeing red.
Justin Trudeau took an unprompted jab at Pierre Poilievre over a Senate porn bill that the prime minister says could usher in a digital ID for adults who want to browse certain websites.
Canada is the only NATO member without a plan or a timeline to reach the alliance's target of spending two per cent of GDP on defence, according to the U.S. ambassador to NATO.
More people are injured by treadmills than any other piece of exercise equipment, according to the U.S. Consumer Product Safety Commission. More than 22,000 treadmill injuries resulted in hospital emergency room visits in 2019.
Amid a growing number of measles outbreaks in the United States and Europe, health officials are warning the public about the possibilities of outbreaks in Canada, with one infectious disease specialist saying even a few measles cases can spark an outbreak.
Alabama's largest hospital paused in vitro fertilization treatments Wednesday as providers and patients across the state scrambled to assess the impact of a court ruling that said frozen embryos are the legal equivalent of children.
A spacecraft built and flown by Texas-based company Intuitive Machines landed near the moon's south pole on Thursday, the first U.S. touchdown on the lunar surface in more than half a century and the first ever achieved by the private sector.
A set of smart vending machines at the University of Waterloo is expected to be removed from campus after students raised privacy concerns about their software.
Putting a wet iPhone in uncooked rice has for years been a popular method to dry it out, but the company now says that's not what users should do.
Sylvester Stallone revealed that he had seven major surgeries after suffering a neck fracture shooting a fight scene with Stone Cold Steve Austin on the set of “The Expendables” in 2010.
Former talk show host Wendy Williams has been diagnosed with progressive aphasia and frontotemporal dementia, according to representatives for Williams.
Toronto native Mae Martin will host the 2024 Canadian Screen Awards.
Lynx Air announced Thursday that it has filed for creditor protection from the Court of King’s Bench of Alberta. The airline said in a release that it will cease operations at midnight, Monday, Feb. 26, with flights continuing until then.
The high cost of groceries isn't just taking a bite out of Canadians' bank accounts, it's also devouring any hope that prices may decrease.
Canada's largest grocer expects this year to be much like the last: customers continuing to seek discounts and deals, leading to more growth at the company’s discount brands and banners, and higher profits.
Bobi the dog, who died last year reportedly at the age of 31, has been stripped of the world’s oldest ever dog title following a review by Guinness World Records (GWR), the organization announced Thursday.
The newest multi-millionaire is advised to sign the back of their winning ticket immediately and head to a retailer to have it validated, so the OLG is notified.
More people are injured by treadmills than any other piece of exercise equipment, according to the U.S. Consumer Product Safety Commission. More than 22,000 treadmill injuries resulted in hospital emergency room visits in 2019.
Mississippi's Republican attorney general sued the Republican state auditor Thursday, saying the auditor is trying to usurp her authority over recovering interest on misspent welfare money from retired NFL quarterback Brett Favre, money that was supposed to help some of the poorest people in the U.S.
He's a runner, a juggler and now Jean-Marc Doiron finds himself joggling, and chasing a world record.
Auston Matthews scored his 50th and 51st goals of the season in his hometown to break a tie as the fastest U.S.-born player to reach 50 and help the Toronto Maple Leafs beat the crumbling Arizona Coyotes 6-3 on Wednesday night.
Toyota is conducting a safety recall to approximately 28,061 SUVs and pickup trucks in Canada involving transmission issues, the company said in a press release on Thursday.
There are additional aspects about buying an EV that you'll need to consider in order to get the best value. The car experts at Edmunds have put together five tips on what you need to know.
Even though authorities are trying to crack down on car thefts in Montreal, three men accused of operating a luxury car theft ring in the city walked free last month because it took too long for their case to go to trial.
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