Why Jumia Stock Gained 8% Today After Plunging at the Open

Following the company's earnings report this morning, shares of Jumia Technologies (NYSE: JMIA) initially dove as much as 23% before recovering those losses to finish up 7.6%. The price swing also indicates that investors don't know what to think of the African e-commerce company's latest earnings report. Revenue in the quarter was down 6.9% to 27.4 million euros, reflecting the strategic shift, but gross profit, the metric the company is trying to maximize, rose 11% to $20.4 million euros.