In the second quarter of 2023, Jumia, the e-commerce giant, reported further reductions in its adjusted EBITDA and operating losses, surpassing its first-quarter performance. The company’s losses dropped 66% to $19.3 million and $23.3 million, respectively. As a result, Jumia has revised its adjusted loss projection for the entire year to $90-100 million. The company has implemented cost-cutting measures, including layoffs and streamlining its product and service portfolio. However, Jumia has faced challenges due to declining active customers, orders, and GMV, as well as macroeconomic conditions such as high inflation and import restrictions. Despite this, Jumia remains optimistic about future growth, particularly in markets like Senegal and Ghana, where the electronics category has shown significant growth. JumiaPay, the company’s payment platform, also saw a decline in transactions but is actively working on expanding its payment methods and services. Jumia ended the quarter with a liquidity position of $166.3 million.
Meta Data: {“keywords”:”Jumia, e-commerce, losses, Q2 2023, cost-cutting, growth, JumiaPay”}
Source link
Mr. Editor