Jumia’s market cap rises past $1 billion as Wall Street renews confidence in the e-commerce company

Image Source: Jumia

Jumia’s share price has surged 55% over the last five days suggesting growing investor confidence in the e-commerce company in recent months. Jumia’s share price closed trading at $12.08 on Friday, compared to $8.46 on July 8, lifting its market value to $1.32 billion.

The rally represents a significant change in fortune for the Pan-African retailer which has endured a mixed fortunes as a publicly traded company ever since it listed on the New York Stock Exchange in April 2019. Although its share price soared to a record $62.4 in February 2021 during the wild days of the meme stock rally, Jumia has lost over 70% of its market value since then as its board and management team race to make a turnaround.

After a string of poor performances and an inability to cut costs, the board fired Jumia’s long-time co-CEOs, Jeremy Hodara and Sacha Poignonnec, in late 2022. Francis Dufay, a former management consultant who served as CEO of Jumia Ivory Coast, was promoted to run the company.

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Full story at Tech Cabal.