JMIA - Jumia Technologies jumps on user growth path to profitability

Jumia Technologies (NYSE:JMIA) ticked higher on Tuesday morning after reporting a lighter loss than expected and signaling momentum in user and revenue growth. "We kicked off 2022 with very strong growth momentum, closing the first quarter with the highest GMV and Order growth rates of the past 9 quarters, up 27% and 40% year-over-year respectively,” co-CEOs  Jeremy Hodara and Sacha Poignonnec said in a statement. “In parallel with accelerating usage growth, we continued driving platform monetization, with revenue growing by 44% year-over-year, which was also a 9-quarter high.” Quarterly active consumers reached 3.1 million for the first quarter, up from 2.4 million in 2021. Gross profits, meanwhile, grew 13% to $27.7 million as the company looks to cut costs. The co-CEOs added that the company is back on a path to profits after a slight detour in the prior quarter as it made growth investments and widened net losses. Management

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Jumia Technologies jumps on user growth, path to profitability