Share: Jumia Technologies (NYSE: JMIA) went on quite the ride Tuesday after reporting first-quarter financial results. Investors saw the company report a drop in revenue and shares immediately sold off. Shares traded down to $17.90 before climbing up throughout the day and ended in the green. What Happened: Jumia reported a year-over-year revenue decline of 6.4% in the first quarter. Gross profit in the first quarter improved 11% year-over-year. Gross profit after fulfillment expenses was up 149% year-over-year. “Our first quarter results reflect solid progress towards profitability. The drivers remain consistent: selective and disciplined usage growth, gradual monetization and continued cost discipline,” said Co-CEOs Jeremy Hodara and Sacha Poignonnec.