Why Jumia Technologies Stock Popped 12.6% This Week
Shares of Jumia Technologies (NYSE: JMIA) popped 12.6% this week, according to S&P Global Market Intelligence. The African e-commerce, payments, and logistics company reported strong growth in the first quarter that likely impressed the investor community. At one point, the stock was up 21.9% this week, and as of this writing it is up 12.1% since last Friday's close.
Jumia operates as an Amazon clone in many African nations. It has an e-commerce platform, logistics services, its own payment application, advertising services, and many other products similar to the North American technology giant. In the first quarter, the number of active customers grew 29% year over year to 3.1 million, and gross merchandise value (GMV) -- or the amount of money spent on its platform -- grew 27% year over year to $253 million. This translated to $47.6 million in net revenue in the quarter, up 44.3% year over year.
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