African e-commerce firm Jumia Technologies said it was past peak losses, driving its shares up 16% despite a wider quarterly loss.
Jumia Technologies said it was past peak losses and would focus on promotions, marketing and cost cutting in its quest towards profitability, driving its shares up 16% despite a wider quarterly loss.
It reported an adjusted loss before interest, tax, depreciation and amortisation of US$57.2-million for the second quarter ended 30 June, from $41.6-million in the same period last year. The company did not say when it expected to make a profit, but said achieving that would take a combination of measures including promotional discounts, ramping up marketing and cutting costs at warehouses by reducing consumption of packaging.
The company, which operates in 11 African countries, saw total orders increase 35% year on year as customers bought more beauty and cleaning products.
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