Jumia Technologies AG has reported an 8% year-over-year reduction in operating loss to $20.2m, despite economic challenges. The e-commerce platform attributed this progress to strategic cost management and a focus on core strengths.
In Q2 2024, Jumia experienced a 17% decline in revenue to $36.5m, but on a constant currency basis, revenue increased by 15%. Gross merchandise value (GMV) grew 35% in constant currency, despite a 5% decrease to $170.1m.
Jumia’s efforts to enhance customer value and experience led to a 7% increase in orders and a 31% rise in JumiaPay transactions. The company expanded its logistics network and mitigated currency risks by holding 67% of its liquidity in USD.
Jumia reported a 6% quarter-over-quarter increase in quarterly active customers and an improved 90-day repurchase rate for new customers. The company remains committed to reducing losses and driving towards profitability, with plans to enhance cash efficiency and strengthen its financial services offerings.
