Instacart‘s stock had its worst day on record, slumping 12% after the grocery delivery company posted a fourth-quarter revenue miss and offered light guidance for the current period.

Prior to Wednesday’s move, the stock’s biggest one-day slump came in November, when it dropped 11%.

Instacart reported fourth-quarter revenue of $883 million, falling short of the $891 million average analyst estimate, according to LSEG. The company said it anticipates adjusted earnings of between $220 million and $230 million for the first quarter, below a consensus forecast of $237.1 million.

Gross transaction value, which measures the value of products sold, will come in between $9 billion and $9.15 billion in the quarter, compared to a FactSet estimate of $9 billion. Instacart said it expects average order growth to decline due to restaurant orders and its $0 delivery fee on minimum $10 baskets.

When Instacart held its Nasdaq debut in September 2023, it became the first notable venture-backed company to go public in the U.S. in about two years, as the market adjusted to soaring inflation and rising interest rates.

The company, whose official corporate name is Maplebear, closed its first day on the market with a roughly $11 billion market cap, down from its $39 billion private market valuation in 2021 during the Covid pandemic.

The stock peaked at $53.15 on Feb. 19, after rallying 76% last year. It closed on Wednesday at $42.80.

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