Adds shares in paragraph 5, graphic, and CEO comments, details in paragraphs 11-12

By Neil J Kanatt

May 6 (Reuters) - Instacart CART.O forecast second‑quarter gross transaction value largely above Wall Street expectations on Wednesday, betting on strong demand for its online grocery delivery services.

The company, formally known as Maplebear, enjoyed steady demand from both budget‑conscious shoppers as well as higher‑income households seeking cheaper essentials and fast, convenient delivery.

Instacart was "seeing strength with the consumer" and has not seen anything "materially change" in spending patterns so far despite macroeconomic uncertainty, including geopolitical conflicts, CEO Chris Rogers told Reuters.

"Things like higher oil prices can flow through the system, whether that's transportation, packaging, or eventually food costs," Rogers said, adding that this underpinned the company's focus on affordability.

Shares of the company were, however, down about 5% as Instacart missed quarterly profit expectations.

For the current quarter, Instacart expects gross transaction value — a key metric that reflects the value of products sold based on prices shown on its platform — to be between $10.10 billion and $10.25 billion, compared with analysts' average estimate of $10.07 billion, according to data compiled by LSEG.

The company forecast adjusted earnings before interest, taxes, depreciation and amortization of $290 million to $300 million, broadly in line with the average analyst estimate of $298.8 million.

First-quarter gross transaction value rose 13% to $10.29 billion, beating estimates of $10.2 billion, while adjusted core profit climbed 23% to $300 million, topping analysts' expectations of $287.4 million.

The company's advertising business grew 16% to $286 million, compared with 14% growth a year earlier.

However, Instacart reported earnings per share of 57 cents, 3 cents short of analysts' expectations.

"Customers are seeking value, and the retailers on our platform who are delivering it are growing faster," Rogers said in a post-earnings call.

Instacart also raised its annual share repurchase target to $3.5 billion from $2.5 billion on April 27, according to a filing from Wednesday.