Blue Apron Stock Falls On Q3 Miss, Gloomy Outlook

Blue Apron Holdings Inc APRN reported a third-quarter FY21 net revenue decline of 2% year-on-year to $109.65 million, missing the consensus of $120.40 million.
Average Order Value rose 6% Y/Y to $62.30. Orders per Customer, and Average Revenue per Customer all showed strong growth compared to the pre-pandemic Q3 of 2019, despite modest declines in those metrics from a year ago as seasonality returned.
Adjusted EBITDA loss was $(11.7) million. Loss per share of $(1.17) missed the consensus loss of $(0.58).
It held $35.3 million in cash and equivalents and used $16.5 million in operating cash flow.
Outlook: Blue Apron lowered FY21 outlook to single-digit revenue growth (prior view high single-digit to low double-digit growth).
Blue Apron sees net revenue growth for FY22 of at least in the mid-teens percentage range. It does not expect to achieve adjusted EBITDA profitability in 2022.
Price Action: APRN shares traded lower by 13% at $7.35 in premarket on the last check Tuesday.