On Thursday, Blue Apron Holdings, Inc. (NYSE: APRN) announced its financial results for the second quarter ended June 30, 2017, with earnings beating estimates.
According to the company, revenue for the second quarter increased 18% to $238.1 million, beating analysts’ estimates of $235.8 million. The increase in revenue was boosted by the increase in orders and customers. Blue Apron reported a net loss of $31.6 million, or $0.47 per share, which was more than previous expectation of $0.30 per-share net loss.
Based on the results for the latest quarter, Blue Apron cut its guidance for the second half year. The company expected the net revenue to be between $380 million and $400 million, which was lower than analysts’ estimates of $525.1 million. The company also expected a net loss of $121 million to $128 million, which was more than estimate of $58.3 million.
“In the second quarter, we saw an 18 percent year-over-year increase in net revenue, and a $20.6 million improvement in our net loss between the first and second quarters. We recently strengthened our balance sheet as a result of our initial public offering, convertible note issuance and the expansion of our revolving credit facility,” Matt Salzberg, the chief executive officer of Blue Apron, said in the statement on Thursday.
“We are beginning a new chapter as a public company, and remain focused on our long-term strategy to build an iconic consumer brand, develop a more diverse product portfolio, and further build out an end-to-end supply chain platform,” he said.