Blue Apron Shares Climb After Revenue Beat, Better Customer Revenue

Shares of Blue Apron Holdings Inc were climbing 4% in premarket trade Thursday after the meal-kit company beat second-quarter revenue expectations, in its first report as a public company. It reported a net loss of $31.6 million, or a loss of 47 cents per share, after net income of $5.5 million in the year-earlier period. Analysts surveyed by FactSet were expecting a loss per share of 27 cents. Revenue was $238.1 million, up from $201 million in the year-earlier period and above the FactSet consensus of $235.8 million. The number of customers fell 9% quarter-over-quarter, with 943,000 customers, compared to 1 million customers in the year-earlier period, which Blue Apron attributed to a reduction in marketing by $26.1 million. However, average revenue per customer increased to $251 for the second quarter, up from $236 in the previous quarter, but below $264 in the year-earlier period. The number of orders per customer also increased to 4.3, from 4.1 in the previous quarter. Shares of Blue Apron have fallen 23% in the past month, while the S&P 500 has gained 2%.