The first earnings report is a flop.

By Reuters
August 10, 2017
August 10, 2017

Blue Apron Holdings reported a loss in its first quarterly report as a public company, as the meal kit delivery service spent heavily on developing its technology to attract more customers.

The company on Thursday reported a net loss of $31.6 million in the second quarter ended June 30, compared with a net income of $5.5 million a year earlier.

On a per-share basis, Blue Apron posted a loss of 47 cents in the latest quarter.

Revenue climbed nearly 18% to $238.1 million.

Blue Apron aprn went public on the New York Stock Exchange in late June, but its shares have since languished, falling nearly 40% amid concerns over e-commerce giant Amazon’s recent moves in the grocery and meal-kit segments.

Amazon’s amzn moves include its industry-altering deal to buy upscale grocer Whole Foods Market wfm and a trademark it registered last month for a possible meal-kit service.

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