Shares of Jumia Technologies AG (NYSE: JMIA), the leading e-commerce platform in Africa, plummeted by 6.18% on Tuesday after the company reported its second-quarter 2024 earnings results. Despite some positive indicators, currency devaluations in key markets and declining revenue raised concerns among investors.
The company's revenue in USD declined by 17.2% year-over-year to $36.5 million, primarily due to the impact of currency devaluations in markets like Nigeria and Egypt. Gross Merchandise Value (GMV) in USD also decreased by 5% year-over-year, reflecting the currency headwinds. Furthermore, the Average Order Value (AOV) for physical goods dropped by 7.1% year-over-year, attributed to a shift in category mix.
On a positive note, Jumia reported a 6.9% year-over-year increase in orders and a 4.9% sequential increase in the second quarter of 2024. Additionally, GMV in constant currency grew by an impressive 35% year-over-year, indicating strong underlying business performance. The company also achieved a significant reduction in quarterly cash burn from $19.1 million in Q1 2024 to $8.7 million in Q2 2024, showcasing its efforts to improve operational efficiency.
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