Blue Apron plunges more than 13% to an all-time low
Blue Apron is down 13.66% on Tuesday at $3.35 a share, a new all-time low.
On Tuesday, there were no new downgrades from Wall Street and no announcements from the company. But still, the company plunged to new lows.
Blue Apron posted its third-quarter earnings earlier this month, reporting $210.6 million of revenue, which was higher than Wall Street’s expectations. The company, however, still saw a bigger than expected loss per share of $0.47.
Blue Apron said it reduced its marketing costs by 31% in the quarter, which was the reason for its 6% decline in total customers. The numbers continued to work against Blue Apron, as the cost of goods sold increased 13% year-over-year, accounting for 71% of its revenue in the most recent quarter.
The company’s largest competitor, Hello Fresh, went public in Germany last week. Hello Fresh reported revenue growth in its most recent quarter, and a net loss much smaller than Blue Apron’s.
Blue Apron is down 66.13% since its initial public offering of $10 a share.