Jumia Technologies, Africa’s leading e-commerce platform, reported a challenging third quarter, ending September 30, 2024, with a $20.1m operating loss.

The 12-year-old company stated this in its financial report released on Thursday.

The e-commerce giant attributed its $20.1m loss to persistent macroeconomic pressures that have impacted consumer demand and operating costs across its markets.

This quarter’s results marked a slight deterioration from the $18.3m operating loss recorded in Q3 2023

Despite a year-over-year revenue decrease of 13 per cent to $36.4m, the company demonstrated resilience in constant currency, achieving a 9 per cent revenue rise as well as a 29 per cent growth in gross merchandise volume over last year’s figures.

Adjusted EBITDA, a measure of operating performance that excludes certain non-cash and non-operating items, reached a loss of $17m, a 15 per cent increase from the $14.8m recorded in the same quarter last year.

However, the company continued to implement strategies to strengthen its cash position, notably raising an additional $71.8m from an at-the-market offering in August.