Why Jumia Technologies Stock Plunged Today
Shares of Jumia Technologies (NYSE: JMIA) were taking a dive today after the African e-commerce company posted disappointing results in its second-quarter report. Jumia's revenue declined 10% in the quarter to 34.9 million euros, but that was actually better than analyst estimates of an 18.7% decline in revenue. Further down the income statement, the company made progress as gross profit increased 38% to 23.3 million euros, and gross profit after fulfillment expense reached a record 6 million euros, compared to a loss of 0.7 million euros in the quarter a year ago.
