NEW YORK (Reuters) - Blue Apron Holdings Inc (APRN.N) said on Wednesday it would sacrifice overall revenue growth and cut marketing expenses in 2019, sending shares into volatile decline.
The forecast comes a day after the meal-kit delivery company reported a steep decline in net revenue for the third quarter, down 28.4 percent at $150.6 million, missing average analyst forecast of $160.3 million, according to Refinitiv data.
Blue Apron also announced late Tuesday plans to cut its workforce by 4 percent.
The shares fell 10 percent to $1.10 in volatile trade on Wednesday after rising as high as $1.17.
The New York-based company has been struggling to boost sales as it faces intense competition not only from peers like HelloFresh SE (HFGG.DE), but also from grocers selling their own ready-to-eat meals. The entry of Amazon.com Inc (AMZN.O) into grocery service and meal kits business has added to pressure.
Reporting by Angela Moon; Editing by Chizu Nomiyama
