Jumia Technologies reports Q4 revenue of $59.4M vs. $60.6M last year

Reports Q4 GMV of $233M, down 8% year-over-year, and up 21% in constant currency. Operating loss of $4M compared to $45M in the fourth quarter of 2022, down 90% year-over-year, and down 101% in constant currency. Reports Q4 quarterly active customers of 2.3M vs. 2.8M last year. “2023 has been a transformative year for Jumia. Upheavals on the global stage have had a significant impact on African economies and its people. High inflation rates and currency depreciation have led to a scarcity of supply and have adversely impacted the purchasing power of customers. These have been challenging times for tech and retail businesses across the continent. Against that unsettling backdrop, we embarked on a fundamental transformation of our company in order to rapidly improve our financials and establish a stronger foundation for our e-commerce business. This transformation obviously came with a painful short-term impact, as we discontinued activities with poor growth prospects, stopped expensive marketing practices, and radically streamlined our organization…We will continue to focus on our growth priorities in 2024, which are consistent with our efforts in 2023. In particular, we believe that there is still significant untapped potential for growth in all of our priority categories over the next several years. By executing consistently over time, we believe that we will be able to unlock a substantial amount of value. We look at the recent quarters as clear steps towards our strategic focus, positioning us for topline growth and improved cash utilization for 2024. With the macro situation in several of our African markets starting to recover, we are confident that Jumia has never been in a better position to capture the unique opportunity of e-commerce in Africa,” said CEO Francis Dufay.