Jumia Technologies AG (JMIA), the pan-African e-commerce platform often called the "Amazon of Africa," just gave investors a glimpse of what happens when Black Friday meets emerging market enthusiasm. The company's preliminary results for October and November 2025 show the kind of momentum that makes growth investors sit up and pay attention.

The numbers tell a pretty compelling story. Jumia ran its Black Friday event for the entire month from October 31 through November 30, and customers responded enthusiastically. Order volumes jumped, customer activity accelerated, and gross merchandise value climbed across the company's core African markets. For a company navigating the complexities of e-commerce infrastructure across multiple countries, that's exactly the kind of traction you want to see.

The Numbers Behind the Momentum

During the two-month period, Jumia processed 5.1 million physical goods orders, representing 30% year-over-year growth. The Black Friday campaign alone generated 3.2 million orders, accounting for roughly 63% of total volumes. That's a meaningful concentration of activity during the promotional period.

Physical goods GMV increased 35% year-over-year, showing that customers weren't just ordering more frequently—they were spending more too. When you strip out corporate sales from the equation, GMV growth accelerates even further to 41%. These figures exclude South Africa and Tunisia, markets Jumia exited in late 2024 as part of its strategic focus on core operations.

The customer base is expanding at a healthy clip too. Quarterly active customers ordering physical goods reached 2.3 million, up 26% year-over-year. Electronics, beauty, and home and living categories saw particularly strong traction, suggesting the platform is resonating across diverse shopping needs.

Regional Strength Across Key Markets

Nigeria, Jumia's largest market, continued its solid performance with orders rising 28% and GMV increasing 45% year-over-year. But Ghana really stole the show, with orders jumping 81% and GMV surging an impressive 132%. Ivory Coast delivered steady, if less dramatic, growth with orders up 17% and GMV climbing 26%.

Jumia's marketplace expansion strategy appears to be paying off. Items sold from international sellers increased 80% year-over-year, broadening the product selection available to African consumers and giving them access to goods that might otherwise be difficult to source locally.

The logistics side of the business is scaling right alongside the marketplace. Jumia Logistics handled 7.2 million packages during the period, up from 5.6 million a year earlier—a 28% increase that demonstrates the operational capacity to support growing order volumes.

Here's an interesting detail about geographic penetration: orders from outside capital cities and major urban centers accounted for 61% of total orders during the Black Friday campaign. That suggests Jumia is successfully reaching beyond the obvious metropolitan markets and building a presence in secondary cities and rural areas, where e-commerce infrastructure is typically less developed.

Management Confidence and What's Next

CEO Francis Dufay sounded optimistic about the results: "We are encouraged by the strong momentum in the first two months of the fourth quarter, highlighted by the success of our Black Friday event. This momentum reflects both the improving operating environment and the quality of our execution, particularly in assortment expansion, targeted marketing, and logistics reliability. These results strengthen our confidence in our growth trajectory and profitability roadmap."

The company plans to report full fourth-quarter financial results for the period ended December 31, 2025, in February 2026. Investors will be watching to see whether this strong start to Q4 translates into sustained momentum through the holiday season.

JMIA Price Action: Jumia Technologies shares were up 3.03% at $13.03 at the time of publication on Wednesday. The stock is trading near its 52-week high of $13.14.