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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsNewsGuidanceMoversTechTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!