May 1, 2019

Blue Apron has fallen to one-tenth of its IPO value

A Blue Apron box. Photo: Scott Eisen/Getty Images

Meal prep company Blue Apron noted a profit in its first quarter earnings report yesterday, but it wasn't enough for investors who sold the stock after the report.

The big picture: It looks to be too little, too late, the Wall Street Journal's Elizabeth Winkler reports, "As the company has struggled, many employees — including all three of its founders — have left. The company’s market value of around $220 million is just one-tenth of what it was worth when it went public in June 2017."

Details: Blue Apron reported a profit and has made progress cutting costs, but it also has reduced its customer base.

  • In the first quarter, customer count fell to 550,000 from a peak of more than 1 million in March 2017. Total sales also are moving in the wrong direction: $141.9 million for the quarter, down from $196.7 million in the same period last year.

The verdict: "Perhaps Blue Apron can eke out a few more dollars per customer, but the market for this product has proved to be a niche one."

Go deeper: The rise and fall of Stitch Fix

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China reopens Wuhan after 10-week coronavirus lockdown

People wearing facemasks stand near Yangtze River in Wuhan. Photo: HECTOR RETAMAL/AFP via Getty Images

China has lifted its lockdown of Wuhan, the city in Hubei province where the coronavirus outbreak was first reported in December, according to the New York Times.

Why it matters: As cases surged in January, China took the draconian step of sealing off the city of 11 million and shutting down its economy — a response that was viewed at the time as only possible in an authoritarian system, but which has since been adopted by governments around the world.

Go deeperArrow19 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 1,381,014— Total deaths: 78,269 — Total recoveries: 292,973Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 378,289 — Total deaths: 11,830 — Total recoveries: 20,003Map.
  3. Trump administration latest: Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill
  4. Federal government latest: Senate looks to increase coronavirus relief for small businesses this week — Testing capacity is still lagging far behind demand.
  5. States update: New York death toll surged to its highest one-day total as state predicts a plateau in hospitalizations.
  6. 🎧 Podcast: The race to reopen America
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill

Glenn Fine, acting Pentagon watchdog

President Trump on Monday replaced the Pentagon's acting Inspector General Glenn Fine, who had been selected to chair the panel overseeing the rollout of the $2 trillion coronavirus relief bill passed last month, Politico first reported.

Why it matters: A group of independent federal watchdogs selected Fine to lead the Pandemic Response Accountability Committee, but Fine's removal from his Pentagon job prevents him from being able to serve in that position — since the law only allows sitting inspectors general to fill the role.

Go deeperArrowUpdated 40 mins ago - Politics & Policy