Blue Apron shares rose early Tuesday after the company said it lost less money than expected in the last three months.
Shares of the company have plummeted 90% since going public two years ago amid intense competition in the meal preparation and grocery space.Here's what Blue Apron reported compared with analysts' expectations:$0.03 versus $0.06 expected.
While its loss for the quarter was narrower than forecast, its revenue fell 28% year-over-year as it"deliberately reduced marketing spend while focusing on marketing efficiency and targeting high affinity consumers." Last year's first-quarter revenue came in at $196.7 million. To put its marketing cost reductions into context: in the first quarter, marketing expenses totaled $14.2 million, or 10% of net revenue. That compares with $39.3 million, or 20% of revenue during the same time last year.
Blue Apron also significantly narrowed its net loss to $5.3 million. It lost $31.7 million during the same period last year. The meal-kit maker achieved profitability on an EBITDA basis —Blue Apron shuffled senior leadership earlier this year when it appointed former Etsy chief operating officer Linda Findley Kozlowski as CEO, replacing Brad Dickerson. Cofounder and chief technology officer Ilia PapasWall Street is generally cautious on the name.
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