Shares of Jumia Technologies AG (JMIA) tanked over 40% on Tuesday morning after the company reported its second-quarter results.
JMIA is currently trading at $6.34, down $4.25 or 40.08%, on the Nasdaq. The stock opened its trading at $9.00 after closing Monday at $10.59. The stock has traded between $2.22 and $15.04 in the past 52-week period.
Loss for the second quarter attributable to equity holders of the company was $22.0 million, compared to loss of $31.9 million last year.
Revenues for the quarter dropped 17% to $36.5 million, while GMV slipped 5% to $170.1 million.
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