Jumia Technologies News: Why Is JMIA Stock Plunging Today?

Group 1 - Jumia Technologies reported second quarter 2024 earnings with revenue of $36.5 million, falling short of Wall Street's estimate of $41.7 million and down 17.2% year-over-year from $44 million [1][2] - The company's marketplace revenue decreased by 10% year-over-year to $20 million, while First-Party sales revenue dropped 24% year-over-year to $16.1 million [2] - Despite the revenue decline, CEO Francis Dufay highlighted a 55% reduction in quarterly cash burn, down to $8.7 million, attributed to disciplined cost management and a 19% decrease in marketing spend year-over-year [3] Group 2 - Jumia Technologies maintains its 2024 outlook, expecting further reductions in cash utilization and increases in orders and Gross Merchandise Value (GMV) for the year [3] - As of Tuesday morning, JMIA stock is down 47.9% but has increased by 62.5% since the beginning of the year [4]