Instacart (Maplebear Inc.) shares surged 7.73% in extended trading after the online grocery delivery platform reported second-quarter results that exceeded Wall Street expectations on key metrics and issued an upbeat forecast for the current quarter.

Revenue rose 14% to $1.04 billion, surpassing the consensus estimate of $1.03 billion. Gross transaction value (GTV) came in at $10.35 billion, well above the $10.20 billion analysts had projected, while adjusted EBITDA climbed 19% to $313 million, beating the $298 million estimate. The strong performance was driven by a 9% increase in orders to 90.3 million and a 16% jump in advertising revenue. Although earnings per share of $0.45 missed the $0.54 consensus, investors focused on the company’s top-line strength and improving profitability.

Looking ahead, Instacart forecast third-quarter GTV in the range of $10.30 billion to $10.55 billion, above the $10.21 billion estimate, and adjusted EBITDA between $320 million and $340 million, ahead of the $318.8 million consensus. The rosy outlook reflects growing consumer demand for online grocery delivery and the company’s expanding advertising business. Adding to the positive sentiment, JP Morgan raised its price target on the stock to $62 from $55, citing the company’s accelerating growth momentum.