Blue Apron shares trade down 9% after disappointing earnings

Katie Roof

Blue Apron just can't catch a break.

The New York-based cooking kit business released its third-quarter earnings before the bell on Thursday. The results were mixed.

The company handily beat revenue expectations, but its losses were also worse than expected.

Revenue was $210.6 million, a 3% increase from the same period last year. Analysts surveyed by Yahoo Finance had been predicting $191.5 million.

But losses were 47 cents per share, when Wall Street was bracing for a loss of 42 cents.

Shares traded down 9% by midday Thursday. 

“We are now focused on optimizing our operations so that we can drive progress on our product roadmap in order to further our mission to make incredible home cooking accessible to everyone,” said CEO Matt Salzberg, in a statement.

Blue Apron's June IPO was a recipe for disaster. Shares are down almost 58% since.

 

 

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