"African online retailer Jumia's Q4 losses narrow on cost savings", 16 February 2023

African e-commerce firm Jumia Technologies said... that cost savings had helped it reduce fourth quarter losses by 30% from a year earlier, with a further sharp drop expected this year.

Jumia is on an aggressive cost cutting journey that involves head count reductions, scaling back offerings such as groceries and reducing delivery services not related to its e-commerce business in order to turn profitable.

The company, the first Africa-focused tech start-up to list on the New York Stock Exchange, reported an adjusted loss before interest, tax, depreciation and amortisation of $49.2 million in the three months ended Dec.31 from $70 million in the same period of 2021.

Chief executive Francis Dufay said in light of the encouraging signs that Jumia's cost cutting initiatives were starting to bear fruit, it expects a sharp reduction in 2023's annual adjusted EBITDA loss to $100-120 million from $207 million in 2022.

The group cut more than 900 jobs in the fourth quarter and also significantly reduced its presence in Dubai, relocating most of its remaining staff to its African offices.