3 days ago
China's Didi Q1 revenue rises 8.5% as recovery gains pace
BEIJING, June 5 (Reuters) - Chinese ride-hailing company Didi Global reported an 8.5% rise in revenue in the first quarter of 2025 to 53.3 billion yuan ($7.42 billion) on Thursday, as its recovery from a regulatory overhaul of its operations gathered pace.
The Beijing-based company reported net income of 2.4 billion yuan for the quarter, versus a loss of 1.4 billion yuan a year earlier, after adopting new accounting standards.
Didi drew the attention of China's cyberspace regulator in 2021 over its pursuit of a U.S. 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 fined Didi $1.2 billion 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 U.S. in 2022.
Travel demand in China has shown signs of a recovery despite sluggish economic growth. Didi completed 3.3 billion transactions during the quarter, a 10.3% year-on-year rise across its platforms in China.
($1 = 7.1805 Chinese yuan renminbi)
