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MTN investment Jumia takes lockdown revenue hit

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African e-commerce heavyweight also pays $5m to settle class action lawsuits alleging IPO misstatements and omissions

Lagos — Revenues for African e-commerce heavyweight Jumia slid by 10% in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the new coronavirus would lead to a flood of online orders.

Shares in the struggling firm were 27% lower at $11.82 per share, driven in part by a 13% decline in gross merchandise value — a closely watched figure that tallies the total amount of goods sold over the period. Softer restrictions elsewhere led to “less drastic changes in consumer behaviour”, Jumia co-founder Sacha Poignonnec said on an earnings call, while the surge in some markets was offset by lost revenue due to logistical problems and closed borders.

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