Blue Apron misses by $0.04, beats on revs; co reiterated its previously provided financial performance guidance for the second half of 2017
- Reports Q3 (Sep) loss of $0.47 per share, $0.04 worse than the Capital IQ Consensus of ($0.43); revenues rose 2.5% year/year to $210.6 mln vs the $191.47 mln Capital IQ Consensus.
- Customers decreased by 6% year-over-year and decreased by 9% quarter-over-quarter, reflecting the Company's planned decrease in marketing spend.
Average Revenue per Customer was $245 in the third quarter of 2017 compared to $227 in the third quarter of 2016, and $251 in the second quarter of 2017. - Reiterated net revenue and adjusted EBITDA outlook for second half of 2017; updated net loss estimate to reflect recent company-wide realignment actions.
- Marketing is expected to be approximately 15-16% of net revenue compared to the 19.7% rate in the first half of the year. The Company expects fourth quarter levels of marketing spend to be lower than the third quarter, both on an absolute basis and as a percentage of net revenue.
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