Blue Apron Holdings Inc. (NYSE: APRN) released its second-quarter financial results before the markets opened on Thursday. The company said that it had a net loss of $0.17 per share on $179.6 million in revenue. That compares to consensus estimates of a net loss of $0.18 per share and $188.47 million in revenue, as well as the net loss of $0.47 per share and $238.06 million in revenue posted in the same period of last year.

During the most recent quarter, the number of customers decreased 24% year over year and decreased 9% quarter over quarter, as the firm progresses through what it is calling a “transition period.”

Average revenue per customer was $250 in the second quarter of 2018, compared to $251 in the second quarter of 2017 and $250 in the first quarter of 2018.

The company did not offer any guidance for the third quarter. However, the consensus estimates call for a net loss of $0.19 per share and $204.86 million in revenue for the quarter.

On the books, Blue Apron’s cash and cash equivalents totaled $180.82 million at the end of the quarter, compared with $228.51 million at the end of the previous fiscal year.

Brad Dickerson, CEO of Blue Apron, commented:

As we previously articulated, 2018 is a year of transition and building for the future. With fulfillment center operations strengthening, we are increasing focus on the priorities we expect will propel revenue performance and return the business to a growth trajectory, including evolving and expanding our product portfolio, enhancing our overall customer experience, and launching our retail and on-demand offerings.

Shares of Blue Apron closed Wednesday at $2.42, with a consensus analyst price target of $3.90 and a 52-week trading range of $1.72 to $6.55. Following the announcement, the stock was down about 9% at $2.20 in early trading indications Thursday.

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