The average revenue per customer also climbed by 3.6% to $340. The average order value reached $70.83 compared to $67.14 in Q2. On the other hand, Blue Apron has attempted to mitigate some of those losses with higher pricing, which has also been used to deal with rising costs.
Customers are making fewer orders on the platform at 4.8, down from levels above 5.0 last year. The number of total orders at 1.55 million also dropped sharply from 1.76 million just from the recent Q2. Total customers in Q3 at 323k fell by -8% y/y from 350k in Q3 2021. Nevertheless, the takeaway here is that key indicators have moved in the wrong direction.
Within that figure, a large $10 million order from an enterprise customer last year skewed the result lower. Q3 revenue of $109.7 million declined by -11.7% year-over-year. In our view, the brand has lost momentum and risks remain tilted to the downside. Our call here is to expect the volatility to continue with no quick turnaround in sight. Shares are off more than 80% over the past year in what has escalated into an apparently sinking ship. Indeed, Blue Apron just reported its latest quarterly result with declining sales, poor performance metrics, and some liquidity concerns as management pulled guidance. The combination of intense competition and rising costs, while customers are being squeezed by high inflation, has made the goal of reaching profitability elusive as a fundamental weakness. While the service saw a boost in popularity during the early stages of the pandemic, the setup now is a more challenging operating environment amid broader macro headwinds. Blue Apron Holdings ( NYSE: APRN) is recognized as one of the pioneers in direct-to-consumer meal kit delivery.
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