"Amazon of Africa"... The continent's first tech IPO on the New York Stock Exchange is Jumia. Shoppers in 14 African countries (which represent 74% of the continent's consumer spending) can hit the ecommerce site to buy a dress. Or get Lagos' finest suya skewers delivered. Or book flights to Cairo. Or rent a Nairobi 1-BR flat. It's a mashup of plenty of US apps and is still plenty unprofitable, but the stock still surged 75% on Day #1.
More on Jumia in today's Snacks pod.
Suit up... Big banks kicked off earnings season, and JPMorgan set the tone with record revenues and profits. As interest rates rise, so has its lending biz, which helped profits at its "Main Street" divisions surge 19%. Then CEO Jamie Dimon added some flair: The current economic expansion "could go on for years."
Extra legroom for all... First JetBlue rose after revealing its first transatlantic flights land in London by 2021. Then Delta's profits surged 31% last quarter. We broke down the two key reasons for Delta's jump (aka, its "Profit Puppies"):
- Biz/1st class: Fancy bookings rose 8% — And even though they're just about 1/3 of the seats, they make up about half the ticket revenue. Strong economy ==> more upgrade splurges.
- The credit card: Delta's plastic partnership with Amex was extended another 11 years — That card's expected to bring in $7B annually for Delta, and reportedly makes up 35% of profits.