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Nov 8 (Reuters) - Instacart (CART.O) on Wednesday forecast fourth-quarter core profit above Wall Street estimates in its first earnings report since going public in September, on higher transaction and advertisement fees, sending its shares up 4% after the bell. The grocery delivery firm, whose stock has lost more than a third of its value since debut, also announced a $500 million share repurchase program. It expects current-quarter adjusted EBITDA, a key measure of profitability, to be between $165 million and $175 million. Instacart's gross transaction value (GTV) - the value of products sold based on prices shown - rose 6% over the year earlier to $7.49 billion in the third quarter. For full year 2023, Instacart anticipates GTV to grow in mid-single digits, versus analysts' estimate of 4.7% growth at $30.18 billion.

Persons: Fidji Simo, Arun Sundaram, Instacart, DoorDash, Granth, Shilpi Majumdar Organizations: Wall, Reuters, CFRA, GTV, Thomson Locations: Bengaluru

☆ Instacart IPO banks tout e-grocery shopping potential, but challenges loom
▼ + stars: | 2023-10-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsOct 16 (Reuters) - Most Wall Street brokerages, including J.P.Morgan and Goldman Sachs, kicked off coverage on Instacart (CART.O) with a bullish view, betting on the grocery delivery app's growth amid a shift to online shopping. The stock — following a lukewarm debut in September — closed at $25.57 on Friday, below its $30 initial public offering (IPO) price. At least half of Instacart's 20 IPO underwriters have initiated coverage with their top ratings after the quiet period ended. Instacart's slow growth compared to rivals is a top concern, as a reduction in food stamp benefits and a shift back to in-store shopping could limit GTV growth, according to Piper Sandler analyst Alexander Potter. As of Friday, the six brokerages that were not involved in the IPO started coverage with an average rating of "hold", LSEG data showed.

Persons: Eric Cohn, Cheney Orr, Goldman Sachs, —, Baird, Colin Sebastian, Scott Devitt, Justin Post, Piper Sandler, Alexander Potter, Savyata Mishra, Shilpi Majumdar Organizations: Safeway, REUTERS, J.P.Morgan, underwriters, Walmart, Wedbush, BofA Global Research, Thomson Locations: Tucson , Arizona, U.S, Instacart, Bengaluru

☆ What Instacart's IPO filing reveals for Uber and DoorDash investors
▼ + stars: | 2023-08-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Instacart's recent IPO filing delivered Wall Street some surprising insight into the grocery delivery business, and how competitors Uber and DoorDash 's could better harness advertising opportunities to unlock profit. Last week, the grocery delivery company brought an end to the tech IPO drought when it filed to go public on the Nasdaq Stock Market . And according to some Wall Street analysts, the filing revealed a better positioned company than expected, and one further along on the road to profitability than Uber and DoorDash at the time of their respective IPOs. Filings also revealed insight into customer behavior that both DoorDash and Uber can apply to their budding grocery segments. 'Cautious read-throughs' Despite widespread optimism about the long-term outlook for the grocery delivery business, the filing also revealed some near-term growth concerns for grocery delivery orders.

Persons: Uber, Bernstein, Nikhil Devnani, bode, Bernstein's Devnani, Lloyd Walmsley, Walmsley, — CNBC's Michael Bloom Organizations: Nasdaq, UBS, DASH

Europe's biggest meal delivery company expects adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 275 million euros ($301.6 million) in 2023. It had in January forecast adjusted EBITDA of 225 million euros. Furthermore, the company said it expected its gross transaction value (GTV) growth to be in a range of -4% to +2% year-on-year in 2023. Just Eat Takeaway also said it launched a share buyback programme of up to 150 million euros to be completed by the end of the year, citing an improvement of future earnings per share and covering the company's obligations. Since its IPO in 2016, Just Eat Takeaway's share price lost close to 30% of its original value.

☆ DOJ charges Chinese businessman Guo Wengui, associate of Steve Bannon, in $1 billion fraud
▼ + stars: | 2023-03-15 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Former White House Chief Strategist Steve Bannon greets fugitive Chinese billionaire Guo Wengui before introducing him at a news conference on November 20, 2018 in New York. The controversial exiled Chinese billionaire businessman Guo Wengui — an associate of former Trump White House advisor Steve Bannon — was arrested in New York on Wednesday for orchestrating what federal prosecutors called a more than $1 billion fraud conspiracy that duped online followers with promises of outsized investment returns. Former President Donald Trump months later pardoned Bannon in that case, shortly before Trump left the White House. IThe defendants are charged with wire fraud, securities fraud, bank fraud, and money laundering in the criminal case. Both Guo and Je face ossible sentences of up to 20 years in prison if convicted.

☆ Feds arrest Chinese tycoon linked to Steve Bannon and charge him with defrauding online fans to fund his yacht, Ferrari, and $36,000 mattresses
▼ + stars: | 2023-03-15 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +1 min

A Chinese tycoon was arrested and charged with defrauding his online followers out of over $1 billion. Feds say Guo Wengui used stolen money to buy a $3.5 million Ferrari and two $36,000 mattresses. Wengui is facing various fraud and money laundering charges, the US Attorney's Office for the Southern District of New York announced on Wednesday. He allegedly asked his followers to invest in or give money to GTV, the Himalaya Farm Alliance, and the Himalaya Exchange. He also allegedly used the money to finance a $37 million luxury yacht, according to the charges.

☆ Indonesia tech firm GoTo expects positive adjusted EBITDA in Q4, 2023
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Feb 16 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) said on Thursday that adjusted EBITDA is expected to turn positive in the last quarter of 2023 due to its cost management measures. GoTo also said its group contribution margin will turn positive this quarter, four quarters earlier than previous guidance. GoTo said gross transaction value (GTV) in the last quarter of 2022 stood at 162 trillion rupiah ($10.69 billion), up by 18% annually. GTV for the full 2022 year was 613 trillion rupiah, up by a third from the previous year on a proforma basis. GoTo said, without giving further details, that gross revenue in both the fourth quarter and full year was at the upper end of guidance.

☆ Deliveroo achieves breakeven in second half
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 19 (Reuters) - British meal delivery company Deliveroo (ROO.L) said it achieved breakeven in adjusted earnings in the second half, boosting its margin for the year to a better-than-expected -1%, and it expected continued improvement in 2023. Founder and chief executive Will Shu said Deliveroo had delivered "significant improvements in profitability whilst also still delivering growth in a difficult macroeconomic environment". The loss-making company, which pulled out of Australia and the Netherlands in 2022, had previously expected its earnings margin for the year to be between -1.2% and -1.5%. The company, which competes with Just Eat Takeaway (TKWY.AS) and Uber Eats, will report its 2022 results on March 16. ($1 = 0.8110 pounds)Reporting by Paul Sandle; Editing by Kate Holton and Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

☆ Deliveroo warns on sales growth as consumers tighten belts
▼ + stars: | 2022-10-21 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

SummarySummary Companies Sees sales growth at 4-8%, from previous range of 4-12%Upgrades adjusted earnings margin forecastShares rise 4%LONDON, Oct 21 (Reuters) - British food delivery company Deliveroo (ROO.L) warned sales growth would be at the lower end of its previous guidance, as households cut back on take-aways due to rising prices. Despite the worsening outlook, Deliveroo, which competes with Just Eat Takeaway (TKWY.AS) and Uber Eats (UBER.N), also slightly upgraded its adjusted earnings (EBITDA) margin guidance on Friday, helped by lower marketing spend. The group is aiming for adjusted earnings (EBITDA) breakeven in late 2023 to early 2024 and said that it was confident it could adapt to the worsening economic outlook where consumers are grappling with higher food and energy bills. In its biggest UK and Ireland market, Deliveroo posted GTV growth of 11%, boosted by the addition of McDonalds to its offering, while its performance in its international markets in Europe, the Middle East and Asia Pacific dragged. Deliveroo announced on Wednesday it would pull out of the Netherlands on Nov. 30 after it failed to gain sufficient local market share.

A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. The group last posted an underlying profit in the second half of 2020, said Clement Genelot, analyst at Bryan Garnier. Shares in the company see-sawed in early trade as investors weighed the return to profitability against concerns about falling orders. As part of the cost cutting measures, Groen said the company has introduced a hiring freeze. Just Eat is looking to expand its networks to include deliveries of other products and is currently exploring a number of pilot schemes, Groen said.

A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. REUTERS/Eric Gaillard/File PhotoOct 19 (Reuters) - Just Eat Takeaway.com (TKWY.AS), Europe's largest meal delivery company, said on Wednesday it made an underlying profit in the third quarter, sooner than expected, after cutting expenses on delivery costs and operations. The group said in September it expected to have positive earnings before interest, taxes, depreciation and amortisation (EBITDA) in the second half of the year. The company will hold an extraordinary shareholders meeting on Nov. 18 to vote on the deal worth $1.8 billion, it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Diana Mandiá and Dagmarah Mackos; editing by Josephine Mason and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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