Chinese ride-hailing giant Didi Global has substantially narrowed its losses in the first quarter on the back of improved demand, several months after regulators slapped it with an RMB 8.026 billion ($1.2 billion) fine for data violations and amid increased domestic competition, reports the South China Morning Post. Didi recorded a net loss of RMB 1.2 billion in the first three months of this year, a 93% improvement from its RMB 16.3 billion loss in the same period in 2022, the Beijing-based company reported on Sunday.
First-quarter revenue reached RMB 42.7 billion, up 19.1% from RMB 35.8 billion a year earlier, driven by a rapid recovery in daily transactions after a period of lacklustre demand during the Lunar New Year holiday in January.
Operations on the mainland, which account for Didi’s primary revenue source, increased 18.7% year on year to RMB 39 billion, while the company’s international business grew 40.7% to RMB 1.7 billion.
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