JMIA - Jumia stock climbs despite Q1 sales miss as losses narrow

Jumia (JMIA) shares are up 3.5% after reporting first quarter results this morning. Sales were down 6% on the year to €27.4M versus the €35.1M consensus.The operating loss fell 23% to €33.7M and the adjusted EBITA loss fell 24% to €27M.Annual active consumers increased 7% to 6.9M. Orders were up 3% to 6.6M.GMV was €165M, down 13% due to FX headwinds and the continued mix shift toward low-priced items."Our first quarter results reflect solid progress towards profitability. The drivers remain consistent: selective and disciplined usage growth, gradual monetization and continued cost discipline. The first quarter of 2021 was the sixth consecutive quarter of positive gross profit after fulfillment expense, which reached €6.2 million, more than doubling year-over-year, while Adjusted EBITDA loss contracted by 24% year-over-year, reaching €27.0 million," say co-CEOs Jeremy Hodara and Sacha Poignonnec.Earnings press release.

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Jumia stock climbs despite Q1 sales miss as losses narrow