Jumia Technologies AG (NYSE:JMIA) shares are trading higher Tuesday after the company reported financial results that were up from last year.
Jumia said first-quarter revenue increased 44% year-over-year to $47.6 million, driven by strong growth in First Party revenue, which grew 152% over the prior year quarter. Orders increased by 40% year-over-year and GMV increased by 27% year-over-year.
"We expect continued year-over-year GMV growth acceleration, building upon the momentum of the second half of 2021," the company said.
Jumia expects a full-year 2022 adjusted EBITDA loss of $200 million to $220 million. Starting in 2023, Jumia said it expects to begin decreasing its adjusted EBITDA losses on a year-over-year basis.
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JMIA 52-Week Range: $4.47 - $33.87
The stock was up 19.7% at $6.58 at time of publication.
Photo: athree23 from Pixabay.
