Blue Apron Holdings Inc. (APRN) - Get Report shares were plunging Wednesday, down as much as 9% to $1.11, after the food delivery services company's revenue missed estimates and it said it was laying off 4% of its workforce.
The share losses have settled to just above 4%, with shares now trading at $1.17 apiece.
Revenue of $150.62 million came in below estimates of $157.14 million, and dropped 28% from the same period last year. Part of the poor revenue picture was the rapid losses in customers. Blue Apron reported 646,000 customers in its September-ended quarter, down from 717,000. In the year-earlier third quarter customers were 856,000. The average revenue per customer fell to $233 from $245 a year ago.
Blue Apron's loss of 18 cents a share in the quarter was narrower than the expected loss of 22 cents a share.
The company's cash pile also has been shrinking, with cash on hand now at $162.9 million, compared with $228.51 million in the same quarter last year.
Blue Apron said layoffs were being made from salaried, non-warehouse workers. The company aims to cut costs by roughly $16 million.
The stock is down almost 90% since its summer 2017 initial public offering, which was priced at $10 a share.