Jumia, an African e-commerce company, said the value of its sales between April and June dropped by 25% to $202 million, leaving it with revenue of $48.5 million — a 15% decline.
The company also said it lost one million customers and fulfilled six million fewer orders in the first six months of this year than in the same period 2022.
What They’re Saying
Francis Duffay, Jumia’s chief executive, blamed the company’s usage performance on “the complexity of a very challenging macro environment.”
He cited average inflation of 14% across the company’s eleven markets in June 2023 as a major factor that depressed consumer spending and sellers’ ability to stock inventory.
Source: Semafor
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