Blue Apron Holdings Inc. (NYSE: APRN) reported its third-quarter financial results before the markets opened Thursday. The company said that it had a net loss of $0.47 per share and $210.6 million in revenue, which compares with consensus estimates from Thomson Reuters of a net loss of $0.42 per share and revenue of $191.47 million. The same period of last year reportedly had a $0.56 per share net loss and $205.45 million in revenue.
During the quarter, the number of customers decreased by 6% year over year and decreased by 9% sequentially, reflecting the company’s planned decrease in marketing spend.
Average revenue per customer was $245 in the third quarter of 2017, compared to $227 in the same quarter of 2016 and $251 in the second quarter of 2017.
In terms of the outlook for the second half of 2017, management expects to see net revenues in the range of $380 million to $400 million and adjusted EBITDA of −$70 million to −$75 million. The consensus estimates call for a net loss of $0.22 per share and $199.57 million in revenue for the fourth quarter.
On the books, Blue Apron cash and cash equivalents totaled $266.29 million at the end of the quarter, up from $81.47 million at the end of the previous fiscal year.
Matt Salzberg, CEO of Blue Apron, commented:
We’re pleased to share that all Blue Apron customers now have access to our expanded product offering and that the transition of volume to our new Linden, New Jersey fulfillment center is complete. 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.
Shares of Blue Apron closed Wednesday at $4.67, with a consensus analyst price target of $6.71 and a 52-week range of $4.61 to $11.00. Following the announcement, the stock was up nearly 5% at $4.89 in early trading indications Thursday.