Why Jumia Stock Jumped Today
Shares of African e-commerce and digital-payments company Jumia Technologies (NYSE: JMIA) jumped on Tuesday after the company reported financial results for the first quarter of 2022, showing strong growth across its business. As of noon ET, Jumia stock was up 24%.
Keep in mind that a business like Jumia has some seasonality to it -- you'd expect fourth-quarter results to be stronger than first-quarter results, so it's better to look at year-over-year numbers. With that context, Jumia's gross merchandise value (the total value of products purchased on its platform) rose 27% from last year to $253 million. And total payment value with Jumia Pay increased 36.7% to $71 million.
These increases in merchandise value and payment volume resulted in a 44% year-over-year increase in Jumia's revenue, which came in at $47.6 million.
Source Fool.com
