An e-commerce platform that operates primarily in Africa, Jumia Technologies (NYSE: JMIA) on Wednesday said its second-quarter revenues improved 58.3% to €39.2 million (approx. $43.5 million), as marketplace revenues almost doubled year-over-year.
The top-line was slightly short of the street projection of $45.88 million.
Gross merchandise volume grew 68.9% to €281 million in Q2, on the back of the growth of Active Consumers and spend per Active Consumer.
The number of active customers at the end of the quarter was 4.8 million, up from 3.2 million a year ago.
Meanwhile, operating loss increased from €41.9 million a year ago to €66.7 million in the second quarter of 2019, mainly due to an increase in share-based compensation expense. However, adjusted EBITDA loss, as a percentage of GMV narrowed from -21.4% to -15.8% on better margins.
The Germany-headquartered firm debuted on the New York Stock Exchange in April this year, listing 13.5 million shares for $14.50 apiece. The stock shot up 76% on the first day of trading, but the enthusiasm disappeared in the following days.
JMIA shares fell 12% immediately following the earnings announcement. Till date, the stock is up only 1.7% from its offer price.