Blue Apron is singing the blues – California News

Blue Apron is singing the blues – California News

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Feeling Blue: Or, in the case of Blue Apron, the company was feeling black and blue on Thursday.

The internet-based meal-kit delivery company saw its shares plunge 17.6 percent, to finish the day at $5.14. It was not the kind of reaction Blue Apron officials had to be hoping for when the company delivered its first quarterly results since going public back in June. Before the stock market opened, Blue Apron said it lost 47 cents a share on $238 million in revenue, while Wall Street analysts had forecast the company to lose 30 cents a share on sales of $235.8 million.

In addition to reporting a loss that was bigger than analysts had expected, Blue Apron also said its operating costs reached $65.7 million — an 86 percent increase over the same period a year ago. In order to help get its costs in line, Blue Apron said last week it will close a fulfillment center in New Jersey, and could lay off hundreds of employees as a result.

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