Blue Apron sales beat expectations, shares jump

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blue apronBlue Apron

Meal-kit delivery company Blue Apron's sales beat Wall Street expectations, as it earned more revenue per customer in the third quarter.

New York-based Blue Apron, which went public in late June, said its revenue rose 2.5% to $210.6 million in the quarter ended Sept. 30.

Analysts on average had expected $191.5 million in revenue, according to Thomson Reuters I/B/E/S.

The company's cost of goods sold rose 13% year-on-year to $164.4 million. This expense is key for Blue Apron because estimates show that many customers cancel their subscriptions soon after they sign up.

The number of customers fell 6% year-on-year, totalling 856,000 at the end of the third quarter; Blue Apron cited less spending on marketing for the drop.

Blue Apron shares jumped 7% in pre-market trading. They fell 53% from the June 29 IPO through Wednesday's market close.

(Reuters reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar)

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