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Why Jumia Stock Skyrocketed Today

TheMotleyFool

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Shares of African e-commerce company Jumia Technologies (NYSE: JMIA) skyrocketed on Monday on news that it had partnered with United Parcel Service (NYSE: UPS). The company will provide shipping logistics to UPS, and this had Jumia stock up 29% as of 1 p.m. ET today.

This is obviously bigger news for Jumia than for UPS, whose stock was down 1% as of this writing. The company sells products, operates a marketplace for itself and third parties, does advertising, and even processes payments. But it's historically struggled to gain large-scale adoption and turn profits.

Image source: Getty Images.

Source Fool.com

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