Revenues for African e-commerce heavyweight Jumia slid by 10% in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the new coronavirus would lead to a flood of online orders.

The company also said it would pay $5 million to settle class action lawsuits alleging misstatements and omissions related to its initial public offering.

Shares in the struggling firm were 27% lower by 1350 GMT at $11.82 per share, driven in part by a 13% decline in gross merchandise value (GMV) — a closely watched figure that tallies the total amount of goods sold over the period.

Revenue for the quarter fell to 34.9 million euros ($41.1 million). The company said while there were surges in demand in markets that went into total lockdown, this only happened in four countries, which hold 24% of its adjustable market.

Softer restrictions elsewhere led to "less drastic changes in consumer behaviour", Jumia co-founder Sacha Poignonnec said on an earnings call, while the surge in some markets was offset by lost revenue due to logistical problems and closed borders.

(With input from agencies)