Blue Apron reported more revenue than forecast and a smaller-than-expected loss in its first quarterly earnings release as a public company on Thursday.
The meal kit-delivery service said it earned $238.1 million in revenue, topping analysts’ forecast for $235.8 million according to Bloomberg. It posted an adjusted EBITDA loss of $23.9 million, or $0.47 per 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 amid concern that Amazon’s entry into the meal delivery space would crimp its market share.
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 a planned reduction in marketing spending, the company said. Its spending on promotions, including ads on top podcasts, did increase from a year ago by 8% to $34.5 million.