IPO? More like IP-Oh-hell-no.
Without a doubt, Blue Apron Holdings Inc. (APRN) has been an awful stock to own post-IPO. Ahead of the open Thursday, shares of the billion-dollar meal-in-a-box company had shed more than 37% of their market value since listing back in June.
The biggest factor in the fall over the last few months? A hefty customer churn rate and no shortage of competing services ranging from startups to Amazon.com (AMZN) .
And shares are adding to that in a big way Thursday, with another 15% selloff as of this writing.
There is a small difference Thursday, though. Instead of just hopes, fears and anxieties to drive the price action, investors finally have hard earnings data on Blue Apron for the first time. And it doesn't look good. We'll take a look at the results -- and turn to the chart for a look at where shares could end up next.
First off, the earnings numbers.
Shares of Blue Apron posted a mixed bag for the third quarter, capping off the firm's first earnings report as a publicly traded company. Blue Apron beat revenue estimates, generated $238.1 million vs. the $235.8 million that analysts were expecting, on average. But the firm lost 49.4 cents per share for the quarter, a wider loss than the 29.7 cents that Wall Street was looking for.
At this stage in the game for Blue Apron, making revenue numbers are more important than hitting profit estimates -- and that fact is playing out in the price action this morning.