African e-commerce firm Jumia Technologies said on Wednesday it was past peak losses and would focus on promotions, marketing and cost cutting in its quest towards profitability, driving its shares up 16 per cent despite a wider quarterly loss.
It reported an adjusted loss before interest, tax, depreciation and amortisation of $57.2 million for the second quarter ended June 30 from $41.6 million in the same period last year. "There is not ... a silver bullet that will suddenly make it profitable," Chief Executive Officer Sacha Poignonnec told Reuters in an interview.
Jumia still expects a full-year adjusted EBITDA loss of $200 million-$220 million, but it reduced its full-year capital expenditure guidance to $10 million-$15 million from $15 million-$25 million.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
African-Singaporean on his way to becoming an officerIf all goes well, this African-Singaporean is set to be the first in his family to become an officer in the Singapore Armed Forces. Meet Officer Cadet (OCT) Haniel Humphrey Muze, a born and bred Singaporean. His parents moved from Tanzania to Singapore in 1990. The third of...
Source: thenewpaper - 🏆 7. / 63 Read more »
100 years after Tulsa race massacre, African-Americans still feel outcastAt the foot of modern buildings on an anonymous street, a few discreet metal plaques catch the eye. Riveted to the ground, they bear the names of ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
African Union urges civilians and soldiers to share power in ChadThe African Union on Thursday called for civilian and military leaders in Chad to share power until elections can be organised following the death ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
South African billionaire Motsepe chosen as new head of African footballSouth African billionaire mining magnate Patrice Motsepe was elected unopposed as the new Confederation of African Football president, at the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Biden says African-American turnout key to winning election, battling inequalityDemocratic presidential nominee Joe Biden on Wednesday said Black turnout was the linchpin to his hopes of winning the White House in November and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »