Blue Apron Holdings Inc (NYSE: APRN) shares are trading lower Monday after the company reported worse-than-expected financial results and withdrew its full-year guidance.
Blue Apron said third-quarter revenue was flat year-over-year at $109.7 million, which missed average analyst estimates of $118.87 million, according to Benzinga Pro. The company reported a quarterly net loss of 74 cents per share, which missed average estimates for a loss of 50 cents per share.
Blue Apron ended the quarter with $31 million in cash and equivalents. The company said it started to take actions to further stabilize its cash position in the third quarter. Blue Apron is also evaluating financing and other alternatives to manage liquidity.
"We are working to balance the performance of our products with our response to inflation. Our focus is to provide value to our customers, while leveraging price and cost discipline to mitigate macro headwinds to target margin improvement over time," said Linda Findley, president and CEO of Blue Apron.
Blue Apron withdrew its previously announced revenue growth target of 7% to 13% for full-year 2022. The company said it will evaluate providing updated targets once it has more certainty on its liquidity position.
Related Link: Blue Apron Shares Drop On Q3 Consensus Miss, Withdrawal Of Guidance
APRN Price Action: Blue Apron is making new 52-week lows on Monday.
The stock was down 15.9% at $1.74 at time of publication.
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