Jumia’s Q1 revenue down 6% to €27.4m despite growing customer base

Jumia’s Q1 revenue down 6% to €27.4m

Jumia’s Q1 revenue down 6% to €27.4m despite growing customer base     African e-commerce giant Jumia has shared its earnings for the first quarter of 2021 that ended in March.  While its customer count grew, a drop in the company’s revenues spoke to the fact that it is still reeling from the effects of the COVID-19 pandemic. Most areas in Africa where Jumia operates have lifted their lockdown restrictions, but some countries like Morocco and Kenya still have curfews. Jumia said while these measures didn’t lead to meaningful changes in…

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MTN Group to pull out $243m stake in Jumia

MTN Group to pull out $243m stake in Jumia

MTN Group plans to sell part or all of its $243 million (R4.1bn) interest in Jumia Technologies as part of its strategy to pay off its debts and expand into new markets. The group, which had previously marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142 per cent this year, recovering from a dip in 2019, one of the people involved told Bloomberg. It was gathered that no final decisions about the sale had been made, the people said, asking…

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