Instacart soars after upbeat quarterly profit forecast

Shares of grocery delivery platform Instacart CART.O up ~12% at $44.54 after the bell

Co forecast Q2 core profit between $240 million and $250 million, above analysts' estimate of $237.2 million- data compiled by LSEG

Q1 core profit of $244 million beats estimates of $229.4 million

Co sees gross transaction value, a key metric that shows the value of products sold based on prices shown on Instacart, to between $8.85 billion and $9.00 billion in Q2, midpoint of which is slightly below analysts' expectations of $8.94 billion

Posts Q1 gross transaction value of $9.12 billion and revenue of $897 million, both almost in line with estimates,

CART has fallen 4% YTD as of last close