Analysts have cut expectations for the company since it became the first meal-kit provider to go public last year

Blue Apron Holdings Inc. is hemorrhaging customers, as operational problems and rising competition jeopardize its rank as the largest meal-kit company in the U.S.

The New York City company on Tuesday reported 746,000 customers for 2017’s final quarter, down 15% from a year earlier and 13% from three months prior. At its peak early last year, Blue Apron had more than a million customers buying its subscription meals of pre-portioned ingredients.

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