Africa: Jumia's Q1 Earnings Report Continues to Show Falling Losses, Slow Growth

African e-commerce giant Jumia today shared its earnings for the first quarter of 2021 that ended in March. While its customer count grew, a drop in the company's revenues spoke to the fact that it is still reeling from the effects of the COVID-19 pandemic.

Most areas in Africa where Jumia operates have lifted their lockdown restrictions, but some countries like Morocco and Kenya still have curfews. Jumia said while these measures didn't lead to meaningful changes in consumer behavior, its supply and logistics chain -- especially for its food delivery business JumiaFood -- was disrupted.

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