Blue Apron Shares Sink

Shares of Blue Apron Holdings Inc (APRN.N) slumped over 23 percent on Thursday after the meal-kit delivery company’s second-quarter revenue came in below estimates as fewer customers signed up for its service. Blue Apron said its customers, or the total number of individuals who have paid for at least one order from its service, decreased 24 percent during the quarter.

The independent meal-kit industry has been rattled by increasing competition not only from peers like HelloFresh (HFGG.DE), but grocers, who are selling their own ready-to-eat meals. Inc (AMZN.O) also recently launched its own grocery service and also began selling meal kits.

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