Didi reports 7.1% revenue rise, swings to Q4 loss
The Beijing-based company reported a net loss of 1.3 billion yuan for the quarter ended Dec 31
[BEIJING] Chinese ride-hailing company Didi Global reported on Tuesday (Mar 18) a 7.1 per cent rise in fourth-quarter revenue to 52.9 billion yuan (S$9.74 billion), as the company’s recovery from a regulatory overhaul of its operations gathered pace.
The Beijing-based company reported a net loss of 1.3 billion yuan for the quarter ended Dec 31, compared with profit of 45 million yuan in the same period of last year.
Didi drew the attention of China’s cyberspace regulator in 2021 over its pursuit of a US initial public offering without approval, prompting an inquiry that prohibited it from adding users and saw many of its apps removed from stores.
The regulator handed Didi a US$1.2 billion fine in July 2022 over a data security violation, before granting the company permission to relaunch its apps in early 2023. The company was delisted from the US in 2022.
Travel demand in China has shown signs of a recovery, though economic growth is sluggish. Didi completed a total of 3.25 billion transactions during the quarter, a 10.8 per cent year-on-year rise across its platforms in China. REUTERS
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