© Reuters. FILE PHOTO: The logo of Blue Apron is shown on screens above the floor of the New York Stock Exchange before the company’s IPO in New York, U.S., June 29, 2017. REUTERS/Lucas Jackson
(Reuters) -Blue Apron Holdings Inc will cut about 10% of its corporate workforce, the online meal kit company said on Thursday, as it looks to reduce costs and streamline operations.
Shares of the company rose more than 10% in early trading after it also identified about $50 million in cost cuts in 2023.
New York-based Blue Apron had about 1,657 full-time employees, as of Sept. 30.
The company expects to incur about $1.2 million in related expenses, primarily severance payments, in the fourth quarter of 2022.
Blue Apron in November withdrew its full-year revenue growth forecast, citing anticipated funding uncertainty from affiliates of longtime investor Joseph Sanberg.
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