Blue Apron stock tumbles toward a record low after wider-than-expected loss, uncertainty of funding

Shares of Blue Apron Holdings Inc.
APRN,
-4.17%
tumbled 16.4% toward a record low in premarket trading Monday, after the meal kit company reported a wider-than-expected loss and missed revenue expectations, as orders and customers declined, and withdrew its full-year outlook. Net losses narrowed to $25.75 million, or 74 cents a share, from $27.64 million, or $1.17 a share, in the year-ago period. The FactSet consensus for per-share losses was 53 cents. Revenue inched up to $109.67 million from $109.65 million, but was below the FactSet consensus of $114.5 million. Orders fell 12.0% to 1.55 million and customers declined 7.7% to 323,000, but average order value increased to 13.7% to $70.83 and average revenue per customer grew 8.6% to $313. The company said expected funding from affiliates of Joseph Sanberg has been delayed, and remains in “active discussions” with Sanberg. Given the uncertainty over the anticipated funds from Sanberg’s affiliates, the company said it is withdrawing its previously announced revenue growth target of 7% to 13%. The stock has plunged 30.5% over the past three months through Friday, while the S&P 500
SPX,
+1.36%
has lost 9.0%.