Jumia Technologies Adds 7% On Upbeat Quarterly Results

(RTTNews) - Shares of e-commerce platform in Africa, Jumia Technologies AG (JMIA) are rising more than 7% Thursday morning after reporting improved results in the third quarter.

The company reported a loss of $44.55 million for the third quarter, narrower than $65.62 million in the prior-year quarter, helped by growth in revenue.

Quarterly revenue increased 18.4% year-on-year to $50.49 million, driven by robust growth momentum in Marketplace revenue.

"The e-commerce and payment opportunity in Africa remains vast and largely untapped and Jumia is well positioned to build a more disciplined, efficient and resilient business for the benefit of all stakeholders," said Jonathan Klein, Chairman of the Jumia Supervisory Board.

JMIA is at $5.09 currently. It has traded in the range of $3.65-$14.95 in the last 1 year.