Blue Apron Holdings Inc (NYSE:APRN) stock climbed in pre-market trade Tuesday after the meal kit provider narrowed its first-quarter losses, although revenue missed expectations by a smidgen.
For the quarter ended June 2018, the New York-based company posted a loss of $5.3 million, or $0.03 per share. The consensus estimate was a loss of $0.06 per share on revenue of $153.2 million. Revenue fell 27.9% compared to the same quarter a year ago.
Investors were happy the company contained losses sharply and sent the shares up 4.9% to $1.08.
READ: Blue Apron stock climbs after replacing CEO
The number of customers for the quarter was 550,000, down from 786,000, but the average revenue per customer was $258, up from $250.
In April, former Blue apron CEO Bradley Dickerson left, passing the baton to former Etsy Inc (NASDAQ:ETSY) executive Linda Findley Kozlowski.
“I am thrilled to join Blue Apron as CEO and see significant opportunities ahead for the company as we deepen our relationship with customers to bring them more creativity, discovery and connection through cooking at home,” said Blue Apron CEO Linda Kozlowski.
The company said it achieved profitability on an adjusted EBITDA basis of $8.6 million in the first quarter of 2019, with an improvement of $25.8 million year-over-year from an adjusted EBITDA loss of $17.2 million.
“Having achieved the important milestone of profitability on an adjusted EBITDA basis, positive operating cash flow, and set a company record for operational efficiency, we are now focused on leveraging this strong foundation as we build a strategy to reinvigorate the business for future sustainable growth,” she added.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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