Blue Apron plunges more than 13% to an all-time low
- Blue Apron reported disappointing earnings results last week.
- Competition in the meal-kit delivery service is growing.
- Shares hit an all time low of $3.35.
- Watch the stock move in real time here.
Blue Apron is down 13.66% on Tuesday at $3.35 a share, a new all-time low.On Tuesday, there were no new downgrades from Wall Street and no announcements from the company. But still, the company plunged to new lows.
Blue Apron posted its third-quarter earnings earlier this month, reporting $210.6 million of revenue, which was higher than Wall Street's expectations. The company, however, still saw a bigger than expected loss per share of $0.47.
Blue Apron said it reduced its marketing costs by 31% in the quarter, which was the reason for its 6% decline in total customers. The numbers continued to work against Blue Apron, as the cost of goods sold increased 13% year-over-year, accounting for 71% of its revenue in the most recent quarter.
The company's largest competitor, Hello Fresh, went public in Germany last week. Hello Fresh reported revenue growth in its most recent quarter, and a net loss much smaller than Blue Apron's.
Blue Apron is down 66.13% since its initial public offering of $10 a share.