Jumia Technologies AG, Africa’s e-commerce giant, has reported its financial performance for the second quarter of 2024, revealing a complex interplay of challenges and strategic responses. The company’s revenue for Q2 2024 stood at $36.5 million, marking a significant decline of 25% from the previous quarter and 17% from the same period last year. This downturn is reflective of broader economic challenges, particularly currency devaluations in key markets like Nigeria and Egypt, which have adversely impacted both purchasing power and operational stability. Financial Performance Overview. Jumia’s Gross Merchandise Value (GMV) also showed a decline, falling to $170.1 million in Q2…
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