Blue Apron shares spike after revenue beats expectations

Blur Apron Holdings Inc. shares jumped 7.5% in Tuesday premarket trading after it reported fourth-quarter losses that weren’t as deep as expected and revenue that beat expectations. The meal delivery service reported a loss of $39.1 million, or 20 cents per share, compared with a loss of $26.1 million, or 39 cents per share for the same period last year. Revenue fell 13% to $187.7 million, down from $215.9 million last year. The FactSet consensus was for a loss of 27 cents and revenue of $185.0 million. Marketing expenses fell to $25.2 million from $37.1 million as the company’s “top priority remains continuing to drive operational efficiencies,” Chief Executive Brad Dickerson said in a statement. Customers fell 15% year-over-year, also reflecting a cut in marketing spend. Blue Apron shares are up 9.5% for the last three months, but down nearly 17% for the year-to-date. The S&P 500 index is down 0.7% for the year so far.

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