Instacart Reveals $428 Million in Profit but Slowing Growth Ahead of I.P.O.

Nearly 30 percent of Instacart’s revenue came from advertising, and grocery orders were flat in the first half of this year, the company said.

Instacart, the grocery delivery business that boomed during the pandemic, took a step on Friday toward an initial public offering that will be a test of Wall Street’s appetite for tech start-ups after a yearlong industry slump.

Read entire story here: https://www.nytimes.com/2023/08/25/technology/instacart-profit-slowing-growth-ipo.html