Blue Apron, the bellwether meal delivery service, posted quarterly profits for the first time since the company went public.
The service, which is currently one of the only publicly traded companies focused on meal delivery, has struggled since their IPO, with the stock falling from approximately $10 a share to just above $1 a share at the time of this publishing.
Regardless, this news of turning the company into a money maker could mean good things for the future of the company.
Meal delivery has proven to be a razor thin margin line of business, but that hasn’t stopped a world of competitors from cropping up over the past five years. Blue Apron, before going public, was a well-funded startup that had big hopes and aspirations.
Meal delivery companies have struggled to both grow market share as well as maintain customers, both costly metrics when it comes to marketing budget.