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Jumia Technologies Revenue Declines in Q1

05/11/2021 04:02

07:48 AM EDT, 05/11/2021 (MT Newswires) -- Jumia Technologies (JMIA) reported Q1 sales of EUR 27.4 million, down from sales of EUR 29.3 million in the prior-year period.

The consensus estimate of analysts surveyed by Capital IQ was for revenue of EUR35.6 million.

The company posted an adjusted loss before interest, tax, depreciation, and amortization of EUR27 million in Q1 compared to an adjusted loss before interest, tax, depreciation, and amortization of EUR35.6 million a year earlier.

Analysts polled by Capital IQ had expected earnings before interest, tax, depreciation and amortization of EUR25.1 million.

The company said that it intends to "gradually increase sales and advertising as well as technology investments to support the long-term growth of the business, while remaining committed to reducing adjusted EBITDA [earnings before interest, tax, depreciation and amortization] loss in absolute terms in 2021 compared to 2020".

Jumia Technologies added that the ongoing COVID-19 pandemic as well as the ensuing macroeconomic challenges "result in substantial uncertainty concerning our operating environment and financial outlook".

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