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Headline : Jumia’s share price jumps after Q1 2024 that saw it cut losses by 71%

Read more from the original article on here at techcabal.com.





Tags : #jumias #share #price #jumps #q1 #2024 #saw #it #cut #losses #7125


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Image Source: TechCabal

The stock market reacted positively after Jumia shared its financial results for the first quarter of 2024, with shares of the Africa-focused e-commerce company opening at $6.45 on Wednesday, a 17.92% jump from the $5.47 share price it traded yesterday.

Jumia narrowed its operating loss in Q1 2024 by 71% after several cost-cutting measures, including a 30% reduction on advertising expenses compared to Q1 2023.  However, challenging macroeconomic conditions across its African markets continue to dampen consumer spending.

The ecommerce giant reported growth in key metrics such as Gross Merchandise Value (GMV), order values, and revenue compared to Q1 2023. This growth underscores investor confidence in CEO Francis Dufay’s strategic direction, which prioritizes cost discipline and a shift towards higher-margin products.  Jumia increased revenues by 15% driven by a company wide effort to focus solely on the sales of big-ticket items such as electronics and home and living items, reducing spending on customer incentives and promotions. 

Read more from the original article on here at techcabal.com.


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