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CNBC's Jim Cramer says Blue Apron is "Mr. Travesty" after the company posted a wider-than-expected loss in its latest quarterly earnings report.
"I'm willing to say that it was horrible but not really horrible," Cramer said Thursday on "Squawk on the Street. "
Blue Apron shares plunged Thursday after the meal-kit delivery company said during its earnings call that it was encountering unexpected costs tied to starting up a new facility. The stock was down about 15 percent Thursday morning, trading at $5.30 a share, well below its IPO price of $10 per share.
The New York-based business posted a loss of $31.6 million, or 47 cents per share. Analysts had expected a loss of 30 cents per share, according to Thomson Reuters estimates.
"I was looking for a much, much bigger number. I was looking for a loss of 30 cents. They gave me a loss of 47 cents. This one remains 'Mr. Travesty' when it comes to IPOs," Cramer said.
During a conference call on Thursday, Blue Apron said it was seeing higher wage and labor costs. It also had problems transferring volume from its facility in Jersey City.
Blue Apron was also recently hit with a potential threat in the meal-kit delivery business. Amazon, which plans to acquire supermarket chain Whole Foods, registered a trademark in the U.S. on July 6 for a service described as: "We do the prep. You be the chef."