Jumia Tech Shares Drop After Q1 Miss Led By Order And Consumer Decline; Cost Cuts Help Reduce Losses - Jumia Technologies (NYSE:JMIA)

Jumia Technologies AG JMIA reported a first-quarter FY23 revenue decline of 2.8% year-on-year to $46.3 million, missing the consensus of $50.5 million.
Orders decreased by 25.8% Y/Y, and active consumers declined 22.5%.
Total payment volume (TPV) decreased by 31.3% to $48.6 million. The gross merchandise value (GMV) declined 21.6% Y/Y to $198.2 million.
Gross profit rose 5% Y/Y to $28.6 million. The operating loss improved to $(30.9) million.
The Berlin-based company held $86.9 million in cash and equivalents and used $(18.97) million in operating cash flow.
Adjusted EBITDA loss improved to $(27) million.
"Our cost reduction initiatives are clearly bearing fruit, with all operating costs decreasing in the first quarter of 2023, both sequentially and on a year-over-year basis," commented Francis Dufay, CEO of Jumia.
FY23 Outlook: Jumia reiterated an adjusted EBITDA loss of $(100) million - $(120) million.
Price Action: JMIA shares traded lower by 7.8% at $2.92 premarket on the last check Tuesday.