Blue Apron Shares Tumble on Decline in Revenue, Customers
- Meal-kit service quarterly sales missed lowest estimates
- Customers declined 24% from a year earlier amid competition
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Blue Apron Holdings Inc. shares tumbled the most ever after the meal-kit company reported a decline in customers and projected further deterioration in revenue this year, underscoring the struggle to hit its stride since last year’s initial public offering.
The New York-based company said customers fell 24 percent in the second quarter, reversing gains made in the previous period. The number of people purchasing its signature boxes of food to make home-cooked meals dropped 9 percent from the first quarter to 717,000. The average order value also dipped from a year earlier to $57.34.