Francis Dufay, the Cote d'Ivoire-based executive of Jumia Technologies AG, announced an eight-percent reduction in the company's operating losses, despite the challenging economic environment.
In its latest financial report, Jumia revealed that its operating loss decreased year-over-year by eight percent to $20.2 million in Q2 2024. This reduction in losses was achieved even as the company faced economic headwinds, including currency devaluations in key markets and a 17-percent decline in revenue, which fell to $36.5 million.
However, on a constant currency basis, the company reported a 15-percent increase in revenue. Jumia attributed its performance to a strong underlying business, despite the volatile economic conditions. The gross merchandise value (GMV) for the e-commerce platform showed a 35-percent growth on a constant currency basis, although it experienced a five-percent decrease to $170.1 million in reported terms.
The company emphasized its focus on core strengths, such as optimizing product offerings and enhancing customer engagement, which helped mitigate the impact of economic challenges.
