Why Jumia Stock Is Up Today After Crashing 20% Wednesday
Shares of Jumia Technologies (NYSE: JMIA) were up 5% at 2:54 p.m. EDT on Thursday, having lost a little momentum after spending most of the morning up by double digits. Today's rally comes after yesterday's brutal sell-off, when shares closed down more than 20% following the company's second-quarter earnings release.
Jumia, the e-commerce start-up looking to become the first mover in Africa's biggest markets, reported second-quarter earnings that fell well short of many investors' expectations. The company had a 10% revenue decline, surprising many people who expected every e-commerce company to be reporting big growth.
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Source Fool.com
