{"id":12755,"date":"2020-08-13T18:59:05","date_gmt":"2020-08-13T18:59:05","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=12755"},"modified":"2020-08-13T18:59:05","modified_gmt":"2020-08-13T18:59:05","slug":"african-e-commerce-group-jumia-takes-lockdown-revenue-hit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit","title":{"rendered":"African e-commerce group Jumia takes lockdown revenue hit"},"content":{"rendered":"

Author: Reuters\u00a0<\/strong>
\nAfricaPress-Kenya:<\/strong> African e-commerce group Jumia\u2019s revenues slid by 10 per cent in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the new coronavirus would lead to a flood of online orders.<\/p>\n

Still, the loss-making company highlighted an 8 per cent rise in orders and ongoing cost cuts that its co-CEO said pointed to a path to profitability.<\/p>\n

Jeremy Hodara, the company\u2019s co-CEO, told Reuters that the 26 per cent drop in Jumia\u2019s adjusted loss before interest, tax, depreciation and amortisation, a rise in gross profits per order, and higher orders of fast-moving consumer goods, showed the company was on the right track, despite coronavirus disruptions.<\/p>\n

\u201cWe committed that we are going to show significant progress on our path to profitability. And that\u2019s what we did,\u201d Hodara said. Jumia was the first Africa-focused tech start-up to list on the New York Stock Exchange and reached a market capitalisation of over $1.5 billion just after it went public in April 2019. Revenue for the quarter fell to 34.9 million euros ($41.1 million).<\/p>\n

The company said while there were surges in demand in markets that went into total lockdown, this only happened in 24 per cent of its adjustable market. Softer restrictions elsewhere led to \u201cless drastic changes in consumer behaviour\u201d, Sacha Poignonnec, one of Jumia\u2019s founders and its co-CEO, said, while the company also lost revenue due to logistical problems and closed borders.<\/p>\n

\u201cThings went back to normal sometime in (the second quarter),\u201d Poignonnec said. Its share price on Wednesday was roughly 70 per cent below last year\u2019s peak, though it rose above $19 last week from a low of $2.33 in March.<\/p>\n

The company also said it would pay $5 million to settle class action lawsuits alleging misstatements and omissions related to its initial public offering.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: Reuters\u00a0 AfricaPress-Kenya: African e-commerce group Jumia\u2019s revenues slid by 10 per cent in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the new coronavirus would lead to a flood of online orders. Still, the loss-making company highlighted an 8 per cent rise in orders and ongoing cost cuts that […]<\/p>\n","protected":false},"author":84,"featured_media":12749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[5093,5202],"class_list":["post-12755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-jumia","tag-new-york-stock-exchange"],"yoast_head":"\nAfrican e-commerce group Jumia takes lockdown revenue hit - kenya<\/title>\n<meta name=\"description\" content=\"African e-commerce group Jumia\u2019s revenues slid by 10 per cent in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the new\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African e-commerce group Jumia takes lockdown revenue hit\" \/>\n<meta property=\"og:description\" content=\"African e-commerce group Jumia\u2019s revenues slid by 10 per cent in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the new\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-13T18:59:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/08\/jumia_takes_lockdown5f350ae60f8ec.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"707\" \/>\n\t<meta property=\"og:image:height\" content=\"388\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"African e-commerce group Jumia takes lockdown revenue hit\",\"datePublished\":\"2020-08-13T18:59:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit\"},\"wordCount\":304,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/08\/jumia_takes_lockdown5f350ae60f8ec.jpg\",\"keywords\":[\"Jumia\",\"New York Stock Exchange\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/african-e-commerce-group-jumia-takes-lockdown-revenue-hit\",\"name\":\"African e-commerce group Jumia takes lockdown revenue hit - 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