Jumia records $50.5m revenue in Q3 2022

Jumia, an e-commerce startup, has stated that its sales for the third quarter of 2022 was $50.5 million.

The company disclosed this during Tuesday’s earnings call for the third quarter of 2022. According to Jumia, the $50,5 million is a six percent increase over the $47,6 million reported in Q2. This also indicates an increase of 18.4% compared to the $42.7 million reported for the same period last year.Information Guide Nigeria

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Francis Dufay, acting CEO of Jumia, indicated, in reference to the company’s new business plan, that the recent emphasis on cost discipline and return on investment indicates a pressing need to make the company profitable in the near future.

“Results for Q3 showed more encouraging signs that the company is on the right path,” he said.

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He added that the company intends to refocus on its core business, allocating capital, resources, and teams to key areas and projects with attractive returns on investments and clear ecosystem benefits, while discontinuing projects and ventures that do not meet these standards.JAMB Result

“The e-commerce opportunity in Nigeria remains vast with a very young population and growing middle class. Hence, this new focus will further strengthen the company’s hold in its biggest market,” he said.

Going forward, he added that the company would be looking to continue strengthening its foothold in all the countries where it is currently operational adding however that it is likely to come with changes to its operating model.JAMB portal