Blue Apron Holdings said on Wednesday that it would sacrifice overall revenue growth and cut marketing expenses in 2019, sending shares into volatile decline.

Blue Apron is scheduled to hold a conference call with analysts on Wednesday.

The forecast comes a day after the meal-kit delivery company reported a steep decline in net revenue for the third quarter, down 28.4 percent at $150.6 million, missing average analyst forecast of $160.3 million, according to Refinitiv data.

Blue Apron also announced late Tuesday plans to cut its workforce by 4 percent.

The shares fell 10 percent, to $1.10, in volatile trade on Wednesday after rising as high as $1.17.

The New York-based company has been struggling to boost sales as it faces intense competition not only from peers like HelloFresh SE, but also from grocers selling their own ready-to-eat meals. The entry of Amazon into grocery service and meal kits business has added to pressure.

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