Why Did Blue Apron Stock Fall After Reporting Q1 Revenue Beat?

Blue Apron Holdings Inc APRN reported first-quarter FY21 net revenue growth of 27% year-on-year to $129.7 million, beating the analyst consensus of $127.3 million.
Customers rose 15,000 Y/Y, and Average Revenue per Customer rose 22% Y/Y to $331. The Order per Customer rose 15% Y/Y to 5.4, and the Average Order Value rose 7% Y/Y to $61.63.
Net loss declined 21.9% Y/Y to $15.7 million, with an EPS loss of ($0.88) missing the consensus loss ($0.86).
Adjusted EBITDA loss declined 5% Y/Y $6.1 million.
The company held $29.6 million in cash and equivalents and generated $12 million in operating cash flow.
Guidance: Despite beating on Q1 revenue, Blue Apron expects a Q2 revenue outlook of $122 million - $126 million, below the analyst consensus of $141.5 million. The guidance for net loss and adjusted EBITDA loss were $17 million and $7 million.
Price action: APRN shares traded lower by 13.4% at $5.12 on the last check Thursday.