Business

Jumia takes lockdown revenue hit

Revenue for African e-commerce heavyweight, Jumia, slid by 10 per cent in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of coronavirus would lead to a flood of online orders. The company also said it would pay $5 million to settle class action lawsuits alleging misstatements and omissions related to its initial public offering. Shares in the struggling firm were 27 per cent lower by 1350 GMT at $11.82 per share, driven in part by a 13 per cent decline in gross merchandise value (GMV) — a closely watched figure that tallies the total amount of goods sold over the period. According to Reuters, revenue for the quarter fell to 34.9 million euros ($41.1 million). The company said while there were surges in demand in markets that went into total lockdown, this only happened in four countries, which hold 24 per cent of its adjustable market. Softer restrictions elsewhere led to “less drastic changes in consumer behaviour”, Jumia cofounder Sacha Poignonnec said on an earnings call, while the surge in some markets was offset by lost revenue due to logistical problems and closed borders.

 

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