Blue Apron Beats, But Bleeds Subscribers
by Meredith Mazzilli, Reuters
Posted: 2018-02-14 15:42:37 EST

Blue Apron Holdings Inc reported a smaller-than-expected revenue drop and quarterly loss on Tuesday after a costly distribution hub switch forced it to slash marketing.

The meal-kit subscription service had 746,000 customers in the fourth quarter through Dec. 31, compared to 856,000 in the prior quarter and 879,000 a year earlier. The marketing pullback came despite mounting competition for customers from meal-kit rivals and Amazon.com Inc.

Revenue was $187.7 million, down 13 percent from a year earlier but exceeding analyst estimates for $185.1 million.

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