RTTNews | Nov 10, 2020 09:58AM EST

09:57 Tuesday, November 10, 2020 (RTTNews.com) - Shares of African e-commerce platform Jumia Technologies AG (JMIA) are falling more than 21% Tuesday morning at $12.50.

Monday the company reported third quarter results with revenue decreasing 17.7% year-over-year to 33.7 million euros.

Net loss for the third quarter narrowed to 32.85 million euros from 49.16 million euros in the same quarter a year ago.

"The ongoing COVID-19 pandemic as well as the ensuing economic challenges result in substantial uncertainty concerning our operating environment and financial outlook. This may be further exacerbated by instances of social protests, as experienced in Nigeria over the course of October as part of the End SARS campaign. These external factors, combined with continued focus on cost efficiency and, to a lesser extent, the continued effects of the business mix rebalancing, are likely to drive continued volatility across some of our key performance indicators," the company said.

JMIA has been trading in the range of $2.15- $23.90 in the past 52 weeks.

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