10 Stocks Facing a Total Meltdown

4. Maplebear Inc. (NASDAQ:CART)

Instacart owner Maplebear Inc. (NASDAQ:CART) fell by 11.51 percent on Wednesday to finish at $45.11 apiece as investors continued to take profits following its rally to a new high earlier in the week.

On Wednesday, the company also reported an impressive earnings performance, with net income attributable to shareholders in the second quarter of the year nearly doubling to $114 million from $58 million in the same period last year. Revenues also grew by 11 percent to $914 million from $823 million year-on-year.

In the first six months, attributable net income increased by 17 percent to $218 million from $186 million, while revenues grew by 10 percent to $1.8 billion from $1.64 billion year-on-year.

“We delivered another strong quarter, reinforcing the essential role we play in helping families save time, money, and effort putting food on the table,” said CEO Fidji Simo.

“Our strategy is working: we’re accelerating online grocery adoption by creating better customer experiences, deepening retailer partnerships, and leveraging our data in innovative ways — all while expanding profitability. Our unique scale and advantages allow us to build grocery technologies with partners in ways that competitors simply can’t match, and have us well-positioned to lead as AI transforms how people make decisions and manage their daily lives,” she added.