Maplebear Inc. Announces Layoffs and Resignation of COO

Maplebear Inc., also known as Instacart, revealed its decision to lay off approximately 250 employees, which accounts for around 7% of its workforce. Furthermore, the company shared the news of its chief operating officer's resignation. These changes come after the company reported lower-than-expected sales in the fourth quarter.

Strong First-Quarter Forecast Amid Fourth Quarter Shortfall

Despite the disappointing sales results in Q4, Instacart forecasts a robust first-quarter gross transaction value of $8 billion to $8.2 billion. This figure exceeds FactSet forecasts estimating $7.91 billion. During the fourth quarter, the company achieved a 6% growth in sales, reaching $803 million. However, this was slightly below FactSet's projected $805 million. On a positive note, Instacart earned 44 cents per share, surpassing FactSet's predicted loss of 7 cents per share. Additionally, gross transaction value increased by 7% to $7.89 billion, slightly higher than the expected $7.8 billion.

COO Resignation and Future Plans

Instacart revealed that its Chief Operating Officer, Asha Sharma, informed the company of her resignation plans effective March 1st. The company confirmed that it currently has no intention to hire or appoint a new chief operating officer.

Despite these recent developments, shares of Maplebear Inc. (Instacart) increased by 3.3% after hours.