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African e-commerce giant Jumia cuts costs, hopes for lockdown boost

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African e-commerce giant Jumia cuts costs, hopes for lockdown uplift   Toggle navigation Home About us Corona Virus Cinema News Technology Trending news Public News Sports Contact US Home Public News African e-commerce giant Jumia cuts costs, hopes for lockdown uplift African e-commerce giant Jumia cuts costs, hopes for lockdown uplift Tags: african, boost, china, e-commerce, jumia, lockdown, Technology Struggling e-commerce platform Jumia Technologies reported an scrutinizingly 7 percent fall in first quarter revenue due to supply uniting disruptions, particularly in China, but saw lower mazuma shrivel and signs that lockdowns were hastening a shift towards online shopping in Africa. Jumia was the first Africa-focused tech start-up to go public on the New York Stock Exchange and reached a market capitalisation of over $1.5 billion just days without it listed last April. But the visitor has struggled to find its way, and its share price has tumbled some 90% from its peak a year ago. On Wednesday, its shares traded lanugo virtually 24% from the previous close, at $3.98 at 1159 EST. The results, which unprotected the whence of the coronavirus outbreak on the African continent, showed the lowest losses in earnings surpassing interest, taxes, depreciation and amortization in six quarters, at 35.6 million euros. But revenue fell to 29.3 million euros. China is a a key supplier of electronics and mobile phones sold on the platform. Still, during an earnings undeniability on Wednesday, founders Sacha Poignonnec and Jeremy Hodara said they saw opportunities tween the pandemic. “We are seeing unprecedented demand to join the Jumia platform, expressly for named brands,” Poignonnec said. “We believe those dynamics will help slide the shift towards online.” The visitor has recently unveiled deals with major brands including Unilever, Procter & Gamble, Reckitt Benckiser, Nestle, Carrefour in Algeria and grocery provider Twiga in Kenya. The visitor is hoping virus containment measures as lockdowns ease will increase the voodoo of its merchantry model, bypassing crowded shops and offering cashless payment. Though it presented data showing a waif in items sold tween lockdowns in key markets including Nigeria and South Africa in March and into April, the visitor said figures in both markets had begun rebounding by the end of April. In South Africa, a strict lockdown barred wordage of malleate items for several weeks, while in Nigeria, measures made it untellable for some vendors to wangle their inventory. Revenue in Morocco and Tunisia increased by contrast, and sales were slightly higher on a group level by mid-April. The figures moreover showed 28% orders growth, 77% year-on-year growth in transactions using its JumiaPay payment platform and gross profit per order climbing to 40 cents, up from breakeven a year ago. Share this post: on Twitter on Facebook on LinkedIn Leave a Reply Cancel replyYour email write will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Search for: Recent Posts How toWanglethe Dark Web & Deep Web on Your iPhone African e-commerce giant Jumia cuts costs, hopes for lockdown uplift Dollar clings on to gains on fears of new COVID-19 cases, U.S.-Sino tensions Japan c.bank, govt signal increasingly steps to ease funding strains Motor racing: Roberts joins Williams F1 from McLaren as managing director Recent CommentsCommenter on Ireland’s tour of Zimbabwe postponedArchives May 2020 April 2020 March 2020 Categories Cinema News Corona Virus Public News Sports Technology Trending news Lambet TechMerchantrySolutions Pvt Ltd,. Copyright 2017