San Francisco / CA. (cart) Instacart, the leading grocery technology company in North America, released financial results for its fourth quarter and full year ended December 31, 2023. «While we’re excited about these long-term growth opportunities, we remain incredibly focused on expanding our lead and accelerating online grocery adoption within our core product. Our consumer product is the best it has ever been, enabling us to invest more than we ever have before on marketing and incentives that have the ability to resurrect and attract new users as well as deepen engagement with existing users. We’re doing all of this while maintaining our relentless focus on profitable growth and our long-term financial targets,» says Chief Executive Officer Fidji Simo in his detailed statement.
Simo: «We’re also positioning Instacart to take on our most ambitious bets while streamlining how we operate. Today, we made the tough decision to part with approximately 250 of our talented team members. This 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. I am confident this will enable us to execute with even more focus and efficiency moving forward.
«Overall, I am proud of our team’s hard work that delivered solid Q4 results and set us up for an even better 2024. I believe that we have a strong and highly defensible leadership position that, when combined with accelerating growth, will generate more shareholder value over time. I am confident in our ability to execute, which is why we authorized an additional USD 500 million for share repurchases, bringing our total buyback program to USD 1 billion. I am excited to continue growing the pie for our partners, teams, and shareholders in 2024 and beyond.»
For additional information please read the Company’s PDF file below (excerpt – 833 KB):
20240214-INSTACART-FY-2023.