Snap and Blue Apron have a lot in common, despite being quite different businesses. The first is a social messaging app and the other is a meal kit delivery service, but both companies were highly anticipated tech IPOs that went public this year — and both are currently trading at more than 40 percent below their IPO price.
Snap, whose second-quarter earnings come out after market close, has been taunted by bigger rival Facebook, which keeps copying its products. Its first-quarter results missed analysts’ expectations, sending the stock down.
Blue Apron also posted a disappointing first earnings after it reported unexpected costs contributing to a net loss of $31.6 million. The company anticipates losses into next year. Blue Apron has been dogged by Amazon, which decided to try its hand at meal delivery kits as well and has pushed further into the food market with its acquisition of Whole Foods.
This article originally appeared on Recode.net.
