• Latest
  • Trending
Jumia reports $20m Q3 operating loss amid revenue decline

Jumia reports $20m Q3 operating loss amid revenue decline

November 8, 2024
Orange Egypt partners with mnGm to introduce gold trading via mobile wallets

Orange Egypt partners with mnGm to introduce gold trading via mobile wallets

September 26, 2025
BII injects $20 million into Acumen initiative targeting Africa’s off-grid communities

BII injects $20 million into Acumen initiative targeting Africa’s off-grid communities

September 26, 2025
PesaLink and Tendepay join forces to digitise enterprise payments in Kenya

PesaLink and Tendepay join forces to digitise enterprise payments in Kenya

September 26, 2025
How Africa’s Gen Z founders are building startups before graduation

How Africa’s Gen Z founders are building startups before graduation

September 26, 2025
YouTube now lets viewers turn off video end screens

YouTube now lets viewers turn off video end screens

September 26, 2025
Apple iPhone 18 Pro rumours: Design, performance, and camera upgrades

Apple iPhone 18 Pro rumours: Design, performance, and camera upgrades

September 26, 2025
South African investment giant raises caution on Bitcoin ETF risks

South African investment giant raises caution on Bitcoin ETF risks

September 26, 2025
OpenAI’s ChatGPT Pulse now available for Pro users

OpenAI’s ChatGPT Pulse now available for Pro users

September 26, 2025
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business

Jumia reports $20m Q3 operating loss amid revenue decline

Modupeoluwa Olalere by Modupeoluwa Olalere
November 8, 2024
149 2
0
Jumia reports $20m Q3 operating loss amid revenue decline

Jumia reports $20m Q3 operating loss amid revenue decline

467
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Jumia Technologies AG, the e-commerce giant, reported a $20.1 million operating loss in Q3 2024, a 10 percent increase compared to the $18.3 million loss in the same quarter last year.

The 12-year-old company shared this in its financial report released on Thursday.

The company reported revenues of $36.4 million, a 13 percent drop compared to last year. However, in constant currency terms, revenues increased by 9 percent, showing strength in key markets despite a large currency depreciation in Nigeria and Egypt.

Jumia’s Gross Merchandise Value (GMV) for Q3 2024 was $162.9 million, down 1percent year-over-year but up 29 percent in constant currency. Despite revenue declines, the active customer base grew by 1 percent, and orders increased by 4 percent, indicating consistent usage despite external challenges.

RelatedPosts

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

GritinAI Connect: AI Conference Benin 1.0 set to drive sustainable development in Edo

Read also: Jumia stock soars 17.72% in less than 24 hours

Stronger liquidity position and strategic repositioning

Jumia reported a stronger liquidity of $164.6 million, thanks to funds from its August 2024 At-the-Market (ATM) offering. This is an increase of $71.8 million compared to a $19 million drop in Q3 2023, giving the company more resources to grow while managing spending carefully.

In response to the results, Jumia’s CEO, Francis Dufay, stated, “We are encouraged to see continued resilience in our usage and business fundamentals despite the significant first-quarter currency depreciation headwinds in Nigeria and Egypt that continue to impact reported GMV and topline revenue.”

“We undertook several major operational steps in the quarter, including improvements to our logistics network and the consolidation of our warehouse footprint to enable greater efficiencies and increase supply capacity.”

“While these changes negatively impacted operations and expenses in the third quarter, we believe that these efforts position us well to scale and drive profitable growth as we expand our footprint beyond the major cities (‘upcountry’).”

Read also: Jumia exits South Africa, Tunisia to concentrate on Nigeria, other African nations

Jumia repositions for growth, exits two markets

As part of its strategic repositioning, Jumia halted operations in South Africa and Tunisia to focus on higher-growth markets, following a review aimed at improving logistics efficiency and consolidating warehousing.

“While these updates will have a near-term impact on our operations and financial performance, we believe that our efforts position the business well to scale on our path to profitability,” said Dufay.

Last month, the company announced its exit from South Africa and Tunisia to focus on markets with higher growth potential, such as Nigeria. It said this decision followed a review of operations in these countries, which represented a small portion of its business.

In 2023 and the first half of 2024, South Africa and Tunisia accounted for just 3.5 percent and 2.7 percent of total orders, and 4.5 percent and 3 percent of gross merchandise value (GMV).

Tags: EgyptJumiaNigeria
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.