Jumia Technologies AG (NYSE:JMIA) shares are trading higher on Thursday after the company announced a year-over-year increase in orders and gross merchant value for the two months ended Nov. 30.
The Details: Jumia specifically announced that orders totaled 4.3 million, up 18% year-over-year, with 62% of orders placed during the company's Black Friday event. Jumia said this reflects that customers continue to respond to Jumia's value proposition and diversified product supply.
"We are thrilled with the results of our Black Friday sales event, which helped drive what we see as strong results across our key usage KPIs in the first two months of the fourth quarter," said Jumia's CEO, Francis Dufay.
In addition, the company announced that gross merchandise volume increased by 33% in the two months ended Nov. 30.
"We achieved solid growth in orders and GMV in constant currency as ongoing strategic initiatives to diversify our supply, streamline our logistics network, and expand upcountry take hold. At a pivotal moment in Jumia's trajectory, our results reinforce our belief that we have the right strategy and the right team in place to drive e-commerce adoption and serve the growing African consumer base while moving towards profitable growth," said Dufay.
JMIA Price Action: At the time of publication, Jumia shares are trading 22.0% higher at $4.63, according to data from Benzinga Pro.
Image: Courtesy of Jumia Technologies AG
