Blue funk

10 August 2017 By Robert Cyran Follow @rob_cyran

In its first results since its market debut, the meal-kit company delivered slower revenue growth and a bigger loss. Operational challenges and mounting competition are costing Blue Apron customers. Even after an Amazon-sparked 40 pct selloff, it’s surprising investors can digest any of this gruel.

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In its first financial results since going public, Blue Apron on Aug. 10 reported $238 million of revenue for the second quarter, an increase of 18 percent from a year ago but a decline from the earlier quarter. The meal-kit delivery service lost $31.6 million, or 47 cents per share.

The company had 943,000 customers at the end of the quarter, down from just over 1 million at the end of the first quarter.

Blue Apron’s initial public offering took place on June 28 at $10 a share. The stock has lost nearly 40 percent of its value since then.

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