Continuing the protracted losing streak, meal-kit company Blue Apron Holdings (APRN) Thursday reported a net loss for the second quarter, when revenues fell sharply and missed estimates as the company’s customer base continued to shrink. Analysts were looking for a slightly wider loss.  The stock dropped nearly 8% in the premarket following the earnings release.

The New York-based company reported a net loss of $32.8 million or $0.17 per share for the June quarter, compared to a loss of $31.6 million or $0.47 per share in the same period of 2017.  In the most recent quarter, the number of outstanding shares was much higher compared to last year.

Blue Apron second quarter 2018 earnings
Blue Apron Holdings Q2 2018 Earnings Infographic

Revenues fell 25% year-on-year to $179.6 million, hurt by lower demand. While the number of customers decreased by 24%, average revenue per customer edged down to $250 from $251 in the second quarter of 2017. There was a 22% decline in general & administrative expenses, while the other expenses remained broadly unchanged year-over-year.

As part of the ongoing business transition, the company launched its multi-product, multi-channel strategy during the quarter to cater to different customer tastes. As part of the initiative, Tim Bensley was appointed as the Chief Financial Officer recently, and Alan Blake as Chief Supply Chain Officer.

While the number of customers decreased by 24%, average revenue per customer edged down to $250

“With fulfillment center operations strengthening, we are increasing focus on the priorities we expect will propel revenue performance and return the business to a growth trajectory, including evolving and expanding our product portfolio, enhancing our overall customer experience, and launching our retail and on-demand offerings,” said CEO Brad Dickerson.

Blue Apron shares, which fell 58% over the past twelve months, closed the last trading session higher, recovering modestly from the sharp loss suffered since mid-July. The stock lost more than 8% in the pre-market trading Thursday following the earnings release.

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