Blue Apron Announced Second-Quarter Financial Results

A Blue Apron customer unpacks a Blue Apron box

Blue Apron Holdings Inc reported a loss in its first quarterly report as a public company, as the meal kit delivery service spent heavily on developing its technology to attract more customers.

Wall Street's issue with the results seemed to be on the bottom line, where Blue Apron reported a net loss of $31.6 million, or $0.47 per share - a reversal from the prior year's $5.5 million net income. Blue Apron posted revenue of $795.4 million for 2016, more than double its level the year before. The company began trading at about $10 per share, and briefly rose to around $11. On Wednesday, it closed at $6.24, up about 7 percent for the day.

New York-based Blue Apron recorded $238.1 million in revenue, up 18 percent from a year ago and slightly higher than analyst targets of $235.8 million.

Blue Apron has argued for the importance of its marketing budget to inform and teach new and potential customers about its service, products, and the ingredients that go into its meals. Since going public in June, Blue Apron's stock has plummeted almost 50%, and if the company can not rectify its largest challenges, its future may become even bleaker.

On Thursday, analysts and shareholders will be looking closely at the number of subscribers that the company reports.

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Marketing expenses came to $34.5 million in the second quarter, down sharply from the $60.6 million of the first quarter.

Blue Apron now holds the title as the largest meal kit provider in the US, followed by HelloFresh.

The company experienced "unexpected complexity" with the launch of the new Linden fulfillment center, announced in February, that will ultimately handle half of its production, CFO Brad Dickerson said. But they plunged by as much as 15% as CEO Matt Salzberg said on the earnings call that the company's new facility in Linden, New Jersey would be delayed, impacting earnings in the second half of the year.

Blue Apron said it expects about 470 workers will not be transferring to the new location.

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