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There's no doubt about it: Blue Apron (APRN) is in survival mode. Now cycling through its third CEO in two years, Blue Apron continues to peel off its customer base under heavy competition from myriad rivals. Just as the company is turning the corner on the profitability front, ramping up efficiencies at its newest distribution and fulfillment centers to improve margins, the company's loss of customers and scale is offsetting those gains.
Investors reacted sourly to Blue Apron's latest quarterly results, especially to the sequential decline in revenues: