Jumia Technologies has announced that it will release its results for the quarter ended March 31, 2019, before the U.S. market opens on Monday, May 13, 2019. This announcement supersedes a press release issued on May 7, 2019, which states that the ist quarter report will be released on May 16 2019.
Reports show that management will host a conference call at 8:30 a.m. US Eastern Time on May 13, 2019. A live webcast of the earnings conference call can be accessed on the Jumia Investor Relation website: https://investor.jumia.com/.
This move by the ‘Alibaba of Africa’ may be unconnected with the recent report by a Citron Research’s Andrew Left labelling Jumia a fraud. “In 18 years of publishing, Citron has never seen such an obvious fraud as Jumia,” the report said. Its shares sank nearly 40% after the report.
Jumia has come under intense scrutiny since it listed on the New York Stock Exchange-the first African Tech Startup to do so.
The description ‘First African Tech Startup’ raised a lot of highbrows as many on social media questioned the African identity of the eCommerce firm because its assets are in Germany, tech centre is in Porto and its administrative centre is in Dubai.
In reacting to this, the ‘Amazon of Africa’ said that it is African because it serves African consumers and its employees are Africans.
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