Shares were up about 72% in late afternoon trading Friday to more than $9 – although the climb came a day after an announced one-for-12 reverse stock split sent Blue Apron shares into the red Thursday.
Blue Apron is one of the bigger and better-known of the meal preparation and delivery services that launched over the last decade.
However, companies like Blue Apron now face slowing growth amid increased competition as customers return to regular life.
With the cost cuts, Blue Apron “believes this will allow it to get to profitability quicker” and focus on marketing and branding.
FreshRealm will be the exclusive supplier of Blue Apron kits and was already the manufacturer for Blue Apron’s popular “Heat & Eat” meals.
Persons:
BlueApron, “, ” Linda Findley, Blue
Organizations:
New, New York CNN, Blue
Locations:
New York, Covid