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Jumia Technologies AG (NYSE:JMIA) reported a Q3 FY23 sales decline of 11.1% Y/Y to $44.9 million, missing the analyst consensus of $46.17 million.
Orders decreased by 23.2% Y/Y to 7.2 million, and quarterly active consumers fell 24.3% Y/Y to 2.3 million.
Total payment value (TPV) decreased 27.7% Y/Y to $48.1 million. The gross merchandise value (GMV) plunged 24.8% Y/Y to $181.0 million.
Gross profit dropped 22.6% Y/Y to $25.1 million, with a profit margin expanding to 13.9% from 13.5% a year ago on improved retail margins and reduced spending on consumer incentives and promotions.
Operating loss narrowed to $(18.5) million from $(43.2) million the prior year on significant cost reductions.
Adjusted EBITDA loss narrowed 67.2% Y/Y to $(14.9) million.
As of September 30, 2023, the company held $54.3 million in cash and cash equivalents and $93.1 million in term deposits and other financial assets.
Outlook: Jumia revised its FY23 adjusted EBITDA loss guidance to $(80) million-$(90) million from $(90) million-$(100) million.
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Price Action: JMIA shares are trading higher by 8.68% at $2.86 on the last check Wednesday.
Posted In: JMIA
