Jumia Technologies reports Q2 revenue $36.5M vs. $44M last year

GMV of $170.1M, down 5% year-over-year, or up 35% in constant currency. Operating loss of $20.2M compared to $22.1M in the second quarter of 2023, down 8% year-over-year, and down 5% in constant currency. Adjusted EBITDA loss of $16.3M as compared to a loss of $18.2M in the second quarter of 2023, down 10% year-over-year, and down 11% in constant currency. “Jumia delivered another quarter of acceleration in its usage trends along with improved cash efficiency. Continued execution against our strategic priorities drove a 7% year-over-year increase in Orders, while Orders per Customer, excluding JumiaPay app Orders, which do not incur logistics costs, climbed to 2.1 Orders in the second quarter of 2024. GMV improved 35% year-over-year in constant currency and we delivered GMV growth in reported currency in six of our countries in the second quarter, up from five in the first quarter of 2024, a sign that the Jumia value proposition continues to resonate with the African consumer. Our quarterly cash burn declined 55%, or $10.4 million, quarter-over-quarter to $8.7 million in the second quarter of 2024 as a result of disciplined cost management and reductions in finance costs. Year-over-year our marketing spend declined 19% as we continued to invest in proven channels, such as CRM, SEO and local offline channels. These efforts delivered a 6% sequential increase in our active customer count and continued improvements in our 90 day repurchase rate. Our performance this quarter reinforces our belief that our strategy is working. Our deep understanding of the African e-commerce market as well as our unique asset base and strategy position Jumia for growth as we progress on the path towards profitability.” said Francis Dufay, CEO.