Why Jumia Stock Skyrocketed Today

Jumia Technologies (NYSE: JMIA) stock surged in Thursday's trading. The African e-commerce company's share price ended the day's trading up 19.7% and had been up as high as 26.1% earlier in the session.

After the market closed yesterday, Jumia published preliminary unaudited key performance indicators (KPIs) for the two-month period ending Nov. 30. The company reported better-than-expected growth for orders placed, active customers, and gross merchandise volume (GMV) during a key sales stretch, and investors bid up the stock in response.

Over the two-month period ending Nov. 30, Jumia's platform recorded 4.3 million adjusted orders -- up 18% compared to the prior-year period. Of those orders, 62% were placed during the company's Black Friday event. Total active customers increased by 9% year over year, and GMV was up 33%. These reported results and comparisons exclude contributions from the South African and Tunisian markets, which the company will be exiting by the end of the year.

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Source Fool.com