Shares of Jumia Technologies AG (JMIA), an e-commerce platform in Africa, are falling more than 25% Wednesday morning following second-quarter earnings announcement.
The company said it expects continued Gross merchandise volume softness during the remaining of the year.
Revenue for the quarter decreased 10% year-over-year at 34.9million euros.
The loss for the period, however, narrowed to $39.39 million euros from loss of $67.84 million euros last year.
Jumia Technologies stock is currently trading at $11.85. It has traded in the range of $2.15- $23.90 in the last one year.
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