Jumia Generates $50.5m In Q3

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E-commerce company, Jumia, on Sunday, said it generated $50.5million revenue in the Q3 of 2022.
The acting chief executive officer (CEO), Jumia, Francis Dufay, stated that the Q3 2022 generation saw an increase of six per cent from the $47.6 million reported in Q2.
According to him, it also represents an 18.4 per cent increase from the $42.7 million reported in the same period last year.
Dufay, who laid out the new business strategy for the company during the Q3, 2022 earnings call, stated that, the recent focus on cost discipline and return on investment speaks to an ever-increasing need to make the company profitable in the near future.
The third quarter of the year saw Jumia record substantial revenue and gross profit growth, according to the company’s financial earnings report. The most recent statistics show that $50.5 million was generated in revenue in Q3 2022, an increase of six per cent from the $47.6 million reported in Q2. This also represents an 18.4 per cent increase from the $42.7 million reported in the same period last year.
Also, Jumia boss disclosed that the results for Q3 showed more encouraging signs that the company is on the right path.
He said: “the company intends to bring more focus to the core business, allocating capital, resources and teams to main areas and projects with attractive returns on investments and clear ecosystem benefits.
“Jumia will deemphasise or cease projects and ventures that do not meet such criteria. In line with the above, the company will scale back First Party grocery offerings in geographies where this category remains sub-scale. In addition, Jumia Prime will be paused indefinitely from the 1st of January 2023 as the company looks to focus more resources in other areas of the business.”