Instacart reported second-quarter earnings that exceeded Wall Street estimates, buoyed by the strongest order growth since 2022. Revenue rose 11% from a year earlier to $914 million, topping the $897 million consensus, while net income more than doubled to $116 million, or $0.41 a share—three cents above analyst expectations. Gross transaction value reached $9.08 billion, also ahead of forecasts. The grocery-delivery company said it expects third-quarter gross transaction value of $9.0 billion to $9.15 billion and adjusted EBITDA of $260 million to $270 million, both above market estimates. The guidance comes as outgoing Chief Executive Officer Fidji Simo prepares to leave later this month; Chief Business Officer Chris Rogers has been tapped to succeed her. Investors welcomed the results and outlook, pushing the shares up roughly 11% in early Friday trading. Benchmark upgraded the stock to Buy with a $67 price target, and Needham, Citi, Barclays and others raised their targets to the mid-$60s, citing accelerating growth and rising demand from smaller grocers that rely on Instacart’s platform to compete with Walmart and Amazon.