Jumia Technologies AG (NYSE: JMIA) released its first-quarter earnings FY22 on May 17, 2022, before the market opened. The JMIA stock had been surging since then.
Highlights
- Quarterly Active Consumers reached 3.1 million, up 29% year-over-year, supported by robust increases in both new and returning consumers.
- Orders reached 9.3 million, up 40% year-over-year, the fastest growth rate of the past 9 quarters. The growth trends by product category illustrate the success of the strategic focus on everyday product categories, supported by increased marketing investments:
- The fastest growing category in terms of items sold was FMCG, which increased by 180% year-over-year, supported by the momentum of the grocery sub-category which we are currently developing. FMCG was the second-largest category in terms of items sold after Fashion, accounting for 15% of items sold in the first quarter of 2022, compared to 8% in the first quarter of 2021. The second fastest growing category in terms of items sold was Food Delivery, which maintained very strong momentum, growing by 86% year-over-year.
- Phones and Electronics are showing some early signs of momentum growing by 19% year-over-year in terms of items sold despite continued global supply chain volatility for these categories.
- GMV reached $252.7 million, up 27% on a year-over-year basis and 35% on a constant currency basis.
- FX was a headwind to GMV performance in the first quarter of 2022 with 10 of our 11 local currencies depreciating against the USD. In particular, the Nigerian Naira, the West African CFA Franc and the Moroccan Dirham depreciated by 9%, 7% and 6% respectively against the USD, in the first quarter of 2022 compared to the first quarter of 2021.
- In terms of trends by product category, we observed the following:
- Continued diversification of GMV in favor of everyday categories, in line with our strategy to further establish Jumia at the heart of everyday consumption in Africa. Phones and electronics decreased from 37% of GMV in the first quarter of 2021 to 33% of GMV in the first quarter of 2022.
- The largest contributing category to GMV growth in absolute terms was Food delivery, which increased by 61% year-over-year. The second largest contributing category to GMV growth was Home & Living which increased by 24% year-over-year and was the largest product category in GMV terms accounting for 18% of GMV in the first quarter of 2022, supported by the robust growth in home appliances.
JMIA stock
The JMIA stock was up by 25.13% and traded at $6.92 (gaining 1.39 points) at 12:01 p.m. EDT in the market trading session today. The market capitalization of the stock stood at $689.15 million. The share volume traded for the JMIA stock was 11,692,412, more than double of the average trade volume of 5,295,101.
