For a few brief minutes this morning, the forlorn investors in recent IPO Blue Apron had hope - the shares were trading up 5% in the pre-market after 'beating' on revenues (but missing drastically on earnings). However, APRN is now down 15%, collapsing after losing 9% of its customers QoQ.

As The Street reports, the company reported an 18% increase in revenue to $238.1 million in the three months ended in June, beating a Factset consensus of $236 million. Blue Apron reported a second-quarter loss of $31.6 million, or 47 cents a share, compared with a year-earlier profit of $5.5 million. Analysts expected Blue Apron to post a second-quarter loss of 27 cents.

"We are beginning a new chapter as a public company, and remain focused on our long-term strategy to build an iconic consumer brand, develop a more diverse product portfolio, and further build out an end-to-end supply chain platform," Blue Apron CEO Matt Salzberg said in a statement.

"We recently strengthened our balance sheet as a result of our initial public offering, convertible note issuance and the expansion of our revolving credit facility."

Average revenue per customer was $251 in the second quarter of 2017 compared to $264 in the second quarter of 2016, and an improvement relative to $236 in the first quarter of 2017. Blue Apron also saw a rise in the number of orders by customers to 4.3 in the second quarter compared to 4.1 in the first. And worse still, after cutting marketing spending (something investors had hoped for), the company saw customers fall 9% in the second quarter from the first three months of the year.

Mark it zero!