Jumia Technologies AG (JMIA), the leading e-commerce platform in Africa, saw its stock soar 5.76% in pre-market trading on November 11, 2024, following the release of its third-quarter 2024 earnings report. The company's shares reacted positively despite a mixed financial performance, as investors focused on signs of improvement and growth potential amid ongoing challenges.

In the third quarter, Jumia reported a 13% year-over-year decline in revenue to $36.4 million, primarily due to currency devaluations across its operating markets. However, the company's Marketplace Revenue, which represents its core e-commerce business, grew 7% year-over-year to $20.6 million, indicating resilience in its core operations.

One of the key highlights was the 1% year-over-year growth in quarterly active customers, reaching 2 million, marking the first increase since Q3 2022. This improvement in customer retention, coupled with a 29% growth in GMV (Gross Merchandise Volume) in constant currency, suggests strong underlying demand for Jumia's e-commerce platform despite macroeconomic challenges.