Jumia Technologies AG Sees Strong Growth in Orders and GMV
Jumia Technologies AG (JMIA) shares are experiencing a surge on Thursday, following the company's announcement of a significant year-over-year increase in orders and gross merchandise value (GMV) for the two months ending November 30th, 2023.
Jumia reported a total of 4.3 million orders, representing an impressive 18% increase compared to the same period in 2022. Notably, 62% of these orders were placed during the company's Black Friday event, highlighting the continued customer response to Jumia's value proposition and diverse product offerings.
"We are thrilled with the results of our Black Friday sales event, which helped drive what we see as strong results across our key usage KPIs in the first two months of the fourth quarter," stated Jumia's CEO, Francis Dufay.
Furthermore, Jumia announced a 33% increase in GMV for the two months ending November 30th, 2023. This growth is attributed to the company's ongoing strategic initiatives, including supply diversification, logistics network streamlining, and expansion into new markets.
"We achieved solid growth in orders and GMV in constant currency as ongoing strategic initiatives to diversify our supply, streamline our logistics network, and expand upcountry take hold. At a pivotal moment in Jumia’s trajectory, our results reinforce our belief that we have the right strategy and the right team in place to drive e-commerce adoption and serve the growing African consumer base while moving towards profitable growth,” said Dufay.
At the time of publication, Jumia shares are trading 22.0% higher at $4.63, according to data from Benzinga Pro. This surge reflects investor confidence in the company's growth potential and its ability to capitalize on the expanding e-commerce market in Africa.