Jumia reveals risky allure of big African numbers edwardcropley
Jumia Technologies on May 13 reported an operating loss of 45.4 million euros for the first three months of 2019, compared with a loss of 34.3 million euros the previous year. The value of transactions going through the African online retailer’s website rose to 240 million euros, up 58% year-on-year.
Jumia shares soared from their listing price of $14.50 to hit a peak of $49.77 on April 17, valuing the firm’s equity at $3.8 billion. Since then, they have fallen as low as $18.13 on May 10. They were trading at $21.53, down 12%, by 1346 GMT on May 13. Citron Research, run by U.S. short-seller Andrew Left, published a critical note on May 10 which accused Jumia of inflating the numbers of the active consumers and merchants on its online sales platform in pre-listing documentation.
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