> Gross profit grew from $1,226 million in 2021 to $1,831 million in 2022, an increase of 49%, and from $769 million for the six months ended June 30, 2022 to $1,109 million for the six months ended June 30, 2023, an increase of 44%;
Unless I missed something
Is this a recent shift, or one that I'm just now noticing? Other large tech companies have had substantial increases in ad revenue as well: notably amazon and uber. Is advertising shifting away from Google, or is this just a normal part of large businesses (like paying for placement in retail stores)?
[0]https://www.cnbc.com/2022/02/03/amazon-has-a-31-billion-a-ye...
it's just you had to settle for inferior means of attribution. it got better with tech via e-commerce and tracking. then it got worse with tech via bots, abuse, arms race, etc.
instacart can reach customers at the point of sale and track conversions in a first class manner. so it's a no-brainer for brands to pay for performance.
Perhaps the owners think the valuation is reasonable, and want liquidity. Selling at $10b+ is still a great achievement for a company founded in 2012.
I personally think that their UX is so terrible that they'd be eaten alive by anybody with a decent app.
LastPass, Amazon, Prime Video, Quora, Zoom, Facebook, WhatsApp, Apple Music, Outlook, Steam... that can be said of a dozen other popular apps, but unfortunately it's not that simple.
Under "Undistributed earnings attributable to preferred stockholders"
This isn't because of a "downturn" per se, but it advantages some investors and the company as a whole.
And grocery delivery is very good during pandemic waves, like the upcoming COVID wave.
I don't think so. Their business is more or less a Deliveroo clone, which doesn't seem to be a good business model in the long term especially as a public company.
But it looks like they are attempting to use the ARM IPO as an opportunity to restart a new wave of IPOs. So they getting in on this new window of opportunity.
So expect yet another wave of unprofitable startups heading for the IPO exit. At least one profitable startup, Stripe could be going public next year. But who knows.
truly HN is a vast repository of wise commenters!