Blue Apron Sees Losses Ahead, Stock Slips

UNITED NEWS INTERNATIONAL (UNI) — Blue Apron may be in some hot water.

Shares of the meal kit delivery company plummeted on Aug. 10 after it released its first earnings report as a public company.

The results were mixed.

Blue Apron posted a loss of 47 cents per share in its latest quarter.

Wall Street was looking for a loss of 30 cents per share. But revenue of $238 million came in ahead of analysts’ estimates of about $236 million.

The company also reported the number of customers rose 23 percent from a year earlier, while its client base shrank by 9 percent.

Investors didn’t like what they heard on the earnings call.

CEO Matt Salzberg said the company could see more losses ahead due to unexpected costs tied to starting up a new facility in New Jersey in addition to deeper cuts in marketing spending.

Shares of Blue Apron were trading down more than 15 percent as of early afternoon trading.