Blue Apron is crashing as customers ditch its meal-kit service

Blue Apron shares are crashing Thursday morning, down about 20%, after the meal-kit delivery service reported a big drop in customers.

The company said total customers fell 8.8% quarter-over-quarter and 24% versus a year ago. Revenue per customer slipped to $US250 from $US251 last year. Blue Apron has struggled to retain customers as Amazon, Walmart, and other players have entered the space.

“As we previously articulated, 2018 is a year of transition and building for the future,” CEO Brad Dickerson said in the earnings release.

The meal-kit maker reported a loss of $US0.17 a share as revenue plunged 25% year-over-year of $US179.6 million. Wall Street analysts surveyed by Bloomberg were anticipating a loss of $US0.17 per share on $US188.6 million of revenue.

Blue Apron shares were down 41% this year through Wednesday.

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