In company news, Blue Apron Holdings ( APRN ) dropped to its worst share price in its short tenure as a publicly traded company, sliding over 19% lower to an all-time low of $5.03 per share after the food home-delivery company today turned in a larger Q2 net loss than Wall Street was expecting.
Blue Apron posted strong revenue growth in its second quarter, but the meal-kit seller says it's having unexpected delays at a new plant and it gave a weak revenue forecast for the second half of the year.
Net loss for the three months ended June 30 was $0.47 per share, retreating from $0.00 per share in the year-ago period and missing the Capital IQ consensus modeling a $0.34 per share Q2 net loss. It raised about $300 million from the public offering, hundreds of millions less than it initially expected. Shares of Blue Apron have fallen 23% in the past month, while the S&P 500 has gained 2%.
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According to the website, Thursday's plunge came after Salzberg said on the earnings call that the company's new facility in Linden, N.J., would be delayed, affecting earnings in the second half of the year. That's better than the $235.8 million that analysts surveyed by FactSet predicted. Alliancebernstein L.P. acquired a new stake in Blue Apron Holdings during the second quarter worth $4,670,000. The company expected the net revenue to be between $380 million and $400 million, which was lower than analysts' estimates of $525.1 million. JPMorgan Chase & Co. acquired a new stake in shares of Blue Apron Holdings during the second quarter worth approximately $31,439,000. The firm's revenue was up 17.9% compared to the same quarter previous year.
Blue Apron Holdings Inc reported losses per share of 47 cents during the second quarter of 2017. The company's stock has a normal trading capacity of 6.28M shares while the relative volume is 0.77. Management noted the $26.1 million reduction in marketing was to blame for the drop, but that did little to ease investors' concerns that growth may be more hard and more costly than anticipated - bad news for such a young company in a competitive industry.
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