Blue Apron shares down almost 20 percent after revenue miss
Blue Apron shares fall almost 20 percent after the meal kit company falls far short of revenue expectations
NEW YORK (AP) -- Blue Apron badly missed second-quarter revenue expectations and shares of the meal kit shipping company tumbled almost 20 percent in midday trading.
The New York company posted revenue of $179.6 million in the quarter, far short of the $188.2 million expected by analysts surveyed by Zacks.
Blue Apron Holdings Inc. reported a loss of $32.8 million in its second quarter, or 17 cents per share, which was about what Wall Street had expected, according to a survey by Zacks Investment Research.
"As we previously articulated, 2018 is a year of transition and building for the future," said CEO Brad Dickerson. "With fulfillment center operations strengthening, we are increasing focus on the priorities we expect will propel revenue performance and return the business to a growth trajectory."
Blue Apron shares have lost about half their value since the beginning of 2018 and more than two-thirds of their value from a year ago, when they traded at $6.37.
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Portions of this story were generated in part by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APRN at https://www.zacks.com/ap/APRN
