Why Jumia Technologies Stock Jumped 24% This Week
Shares of Jumia Technologies (NYSE: JMIA) shot up 24% this week, according to data from S&P Global Market Intelligence. The African e-commerce and payments provider saw solid growth in the first quarter, causing investors to get more bullish on the stock. It is still down 87% from all-time highs set in 2021.
Here's why Jumia Technologies stock soared this week, and whether investors should consider buying the stock right now.
Jumia aims to build an e-commerce marketplace in Africa, focusing on countries such as Nigeria, Kenya, and Morocco. Last quarter, revenue grew 39% year over year to $50.6 million, driven by a 31% increase in marketplace spending to $211 million. Orders also grew 31%, while active customers increased 26% over the period.
Source Fool.com
