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Instacart Profited $428 Million in 2022
Instacart has revealed details about its financial state, including the fact that it profited $428 million in 2022.
Instacart is preparing to go public, leading to a disclosure of the startup’s finances. The grocery delivery service is already setting itself apart from many startups seeking to go public by being a profitable company after reporting a $73 million loss the previous year.
Nonetheless, according to The New York Times, the company’s growth is slowing. Instacart benefited greatly from the pandemic, but as life has returned to normal, fewer people are relying on the startup’s service.
As a result, the company has diversified into other areas, most notably advertising. The advertising business now makes up almost 30% of its total revenue.
“They’re not facing a future of significant growth in their core business,” Brittain Ladd, a grocery industry consultant, told the Times.
Instacart Profited $428 Million in 2022
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