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Jumia Technologies AG (NYSE: JMIA) is the leading pan-African e-commerce platform. Established in 2012 and headquartered in Africa, Jumia connects sellers with consumers through its robust marketplace. Its operations span 11 African countries, making it a key player in the continent's online retail space. The platform is comprised of a marketplace that offers a wide range of goods and services, a logistics service that facilitates the shipment and delivery of packages, and JumiaPay, a proprietary payment service that simplifies transactions in selected markets.
Jumia's core business revolves around diverse categories such as online retail, real estate, vehicle marketplaces, and more. The company is committed to improving the quality of everyday life in Africa by leveraging technology to deliver convenient and affordable online services. Recent strategic shifts have seen Jumia streamline its focus onto its physical goods business, discontinuing its food delivery service, Jumia Food, to optimize capital and resources for profitability.
Jumia has made significant strides towards financial stability and growth. For the third quarter of 2023, the company reported an adjusted EBITDA loss of $14.9 million, a substantial reduction from $45.5 million in the same period the previous year. The company continues to enhance cash efficiency and aims to achieve profitable growth, with forecasts indicating further reductions in losses for the fiscal year 2023.
The company is also exploring innovative payment solutions, such as its recent partnerships in Nigeria to offer Buy Now, Pay Later (BNPL) options through Newedge (Easybuy) and CredPal. These initiatives are designed to boost e-commerce adoption and financial inclusion across the continent.
Jumia's mission is to bridge the gap between brands and consumers, ensuring a consistent supply of goods at competitive prices. As Jumia continues to grow, it remains focused on expanding its logistics network, improving operational efficiency, and delivering a superior shopping experience for its customers.
Jumia Technologies (NYSE:JMIA) reported preliminary KPIs for October-November 2024, highlighting strong performance during its Black Friday event. Total orders reached 4.3 million, up 18% year-over-year, with 62% occurring during Black Friday. Physical goods orders grew 17% to 3.9 million, while customer base increased 9%. GMV showed 33% growth on constant currency basis, though only 2% in reported currency due to devaluations in Nigeria and Egypt.
The company saw robust performance in priority categories like Phones, Fashion, and Home & Living. Jumia Logistics handled 5.6 million packages, up from 4.5 million year-over-year. Notable growth occurred in upcountry Nigeria, with physical goods orders outside main urban centers rising 44% year-over-year.
Jumia Technologies AG (NYSE:JMIA) has announced a strategic partnership with Premium Card in Egypt to enhance e-commerce adoption through expanded payment solutions. The collaboration offers Premium Card holders exclusive discounts and flexible installment plans with low interest rates across all product categories on Jumia's platform. Through JumiaPay, customers will have access to diverse payment options and special deals in partnership with major local and international brands.
Jumia Technologies AG (NYSE:JMIA) has announced its participation in the 2024 RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference in New York. CEO Francis Dufay will engage in a fireside chat, and alongside EVP of Finance and Operations Antoine Malliet-Mezeray, will conduct one-on-one meetings during the event. The fireside chat is scheduled for November 20, 2024, at 11:20am ET. A webcast will be available on Jumia's Investor Relations website, and interested parties can arrange one-on-one meetings through their RBC representatives.
Jumia Technologies AG (NYSE:JMIA) has launched a new 6,000-square-metre integrated warehouse and logistics facility in Tema, Ghana. This expansion aims to enhance operational efficiency, reduce delivery times, and expand product availability in the Ghanaian market. The new facility, which is fully operational for the Jumia Black Friday campaign (November 1-30, 2024), represents a significant investment in Ghana's e-commerce ecosystem. This development follows similar initiatives in Nigeria, Morocco, Egypt, and Cote d'Ivoire, aligning with Jumia's strategic focus on optimizing operations across its pan-African e-commerce platform.
Jumia (NYSE:JMIA) and Hepsiburada (NASDAQ:HEPS) have announced a strategic commercial partnership to enhance product offerings for North African consumers. Through this collaboration, Hepsiburada will list its private label products, retail assortment, and selected Turkish brands on Jumia's platform. The partnership aims to combine Jumia's extensive reach in North Africa with Hepsiburada's established presence in Türkiye, providing consumers access to a wider range of authentic Turkish products. This alliance sets the foundation for broader engagement across key African markets where Jumia operates.
Jumia Technologies AG (NYSE:JMIA) announced it will release its third quarter 2024 financial results on November 7, 2024, before the U.S. market opens. The company will host a conference call at 8:30am ET to discuss the results. Investors can join via multiple dial-in options including US (toll-free), International, and UK numbers. A live webcast will be available on Jumia's Investor Relations website, with a replay accessible until November 21, 2024.
Jumia Technologies AG (NYSE:JMIA), a leading e-commerce platform in Africa, has announced the planned closure of its operations in South Africa and Tunisia by the end of 2024. This strategic decision aims to optimize resources and focus on markets with stronger growth potential. For the year ended December 31, 2023, and the six months ended June 30, 2024, these two markets combined accounted for only 3.5% and 2.7% of total orders, and 4.5% and 3.0% of GMV, respectively.
CEO Francis Dufay stated that this difficult decision was made after thorough analysis, considering the growth potential and contribution of these markets to Jumia's overall business. The company expects this move to improve overall operational efficiency and accelerate growth in its remaining nine markets.
Jumia Technologies AG (NYSE:JMIA), a leading African e-commerce platform, has announced plans to open new integrated warehouses in Cairo, Egypt, and Abidjan, Ivory Coast. This expansion is part of Jumia's strategy to optimize operations and enhance efficiency across its pan-African network. The new facilities are designed to:
- Enable upcountry expansion
- Drive e-commerce growth
- Increase cost efficiencies
- Improve employee experience
- Provide increased capacity for future growth
The Cairo warehouse will be approximately 27,000 square meters, while the Abidjan facility will span about 36,000 square meters. Both are expected to be fully operational by January 2025. This initiative follows similar projects in Lagos, Nigeria, and Casablanca, Morocco, aligning with Jumia's goal to improve customer service and move towards profitability.
Jumia Technologies AG (NYSE:JMIA), a leading e-commerce platform in Africa, has successfully completed its previously announced 'at-the-market' (ATM) offering of 20,227,736 ADSs. The offering generated $99.6 million in gross proceeds before commissions and expenses. Jumia plans to use the funds for general corporate purposes, including customer acquisition, expanding its supplier base, scaling its logistics network, and improving marketing and vendor technology.
CEO Francis Dufay stated that the additional capital will help strengthen Jumia's balance sheet and accelerate its growth trajectory towards profitability. The ATM offering was conducted with RBC Capital Markets, and Berenberg Capital Markets as the Company's agents, following the filing of a prospectus supplement with the SEC on August 6, 2024.
Jumia Technologies AG (NYSE: JMIA) reported a 17% decline in revenue to $36.5 million for Q2 2024, but 15% growth in constant currency. Gross Merchandise Volume (GMV) dropped 5% to $170.1 million, but grew 35% in constant currency. Operating loss decreased by 8% to $20.2 million.
Adjusted EBITDA loss improved by 10% to $16.3 million, while net cash flows used in operations fell to $8.4 million from $19.5 million in Q2 2023. The company’s liquidity position stood at $92.8 million, down $8.7 million for the quarter.
Key expenses showed mixed results: fulfillment expenses decreased 12%, sales and advertising expenses dropped 19%, but technology and content expenses fell 18%. General and administrative expenses increased by 4%. Despite revenue decline, GMV in six countries posted growth.
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