The American ingredient-and-recipe meal kit company Blue Apron has been delivering meals to consumers since 2012. But unfortunately, the company has only delivered investors pain and suffering since going public in June 2017. 😧
Today was no exception, with the company sharing unexpected news that sent the stock down 45%. 🔻
An SEC filing shows the company now expects Q3 revenue of $109-$112 million, which is $16-$19 million below its estimates. It had anticipated a bulk sale of approximately $15 million to an enterprise customer. However, the timing of that order has shifted.
In addition, the company said it might sell up to $15 million in stock.
The company has struggled during the last few years’ strong market and economic environment. That underperformance leaves many questioning how it can turn around in today’s more challenging environment. 🤔
Whether or not the company can pull off a turnaround remains to be seen. But for now, it appears many investors aren’t waiting around to see if it can finally deliver the goods. 👎
