E-commerce giant Jumia reported 20.1 million in operating losses in the third quarter of 2024 as weak macroeconomic conditions in key markets continued to pressure revenues. Its operating losses rose by 10 compared to the previous year.
Jumias stock JMIA is trading at 4.16 at the time of this report. Its market cap has taken a hit to 501.49 million, down from the 1.32 billion it reached in July 2024 off the back of renewed investor confidence.
The companys Q3 2024 revenue fell to 36.4 million, compared to 45 million in the previous year. Its gross merchandise value GMV, which accounts for total sales, was slightly down to 162.9 million.
Jumia said it made major operational steps including improving its logistics network and opening a new warehouse in Lagos, Nigeria in June 2024.
While these changes negatively impacted operations and expenses in the third quarter, we believe that these efforts position us well to scale and drive profitable growth, CEO Francis Dufay said.
