Finance: Blue Apron beats on revenue but signals a big loss in the second half of the year (APRN)

The stock has been crushed since it started trading in June.

Blue Apron reported more revenue than forecast and a smaller-than-expected loss Thursday in its first quarterly earnings release as a public company.

Lower spending on marketing helped the meal-kit delivery service shrink its net loss from the first quarter. Blue Apron is known to advertise on several top podcasts.

The revenue beat initially sent shares higher in pre-market trading. But they plunged by as much as 13% during the earnings call after CEO Matt Salzberg said the company's new facility in Linden, New Jersey would be delayed, impacting earnings in the second half of the year.

The company said it earned $238.1 million in revenue in the second quarter, topping analysts' forecast for $235.8 million according to Bloomberg. It posted an adjusted EBITDA loss of $23.9 million, or $0.47 a share, less than the expectation for a loss of $24.3 million.

Blue Apron shares rose by as much as 4% in premarket trading. The stock has been crushed since it started trading in June — down 38% through Wednesday's close — amid concern that Amazon's entry into meal delivery would crimp its market share. Also, its financial statements suggested that it was spending much more to gain each new customer than it was able to quickly earn back.

Blue Apron's average revenue per customer fell year-on-year to $251 from $264. Its customer base increased by 23% from the same quarter a year ago but fell from the first quarter after the planned reduction in marketing spending. Its spending on promotions increased from a year ago, however, by 8% to $34.5 million.

The stock has been crushed since it started trading in June. Read Full Story