Jumia Technologies AG (NYSE:JMIA) shares moved higher Thursday, on announcing its financial results for the fourth quarter ended December 31, 2023.
Revenues were $59 million, down 2% year-over-year, and up 28% in constant currency. Its Adjusted EBITDA loss was $1 million compared to a loss of $44 million in the fourth quarter of 2022, down 99% year-over-year, and down 111% in constant currency.
For the full-year, revenues were $186 million, down 8% year-over-year, and up 20% in constant currency. Adjusted EBITDA loss was $58 million compared to a loss of $182 million in 2022, down68% year-over-year, and down 70% in constant currency.
“We believe,” said management in this morning’s news release, “that Jumia is now a much leaner, more agile and more focused company. We have reevaluated our portfolio and made tough decisions regarding business activities that did not bring the right value. Recently, we discontinued our food delivery operations as we concluded that the growth prospects did not justify the complexity it created.
“We believe our focus and resources,” the address concludes, “will be better invested in our physical goods business, where we see more opportunity for revenue growth and higher margins.”
JMIA shares opened Thursday 41 cents, or 3.6%, to the good, at $3.64.
