On July 9, Didi announced a substantial year-on-year decline of 90% in its net loss and a modest annual revenue growth of 19.1% for the first quarter of 2023. The development comes as the Chinese ride-hailing platform gradually returns to normalcy, one year after being delisted from NYSE. The company concluded the quarter with a net loss attributable to ordinary shareholders of RMB 1.2 billion ($160.4 million), marking a significant 92.9% decrease compared to RMB 16.3 billion in the previous year. Notably, general and administrative expenses dropped by 79.6% year-on-year, largely influenced by the RMB 8.03 billion fine imposed by Chinese regulators during the first quarter of 2022. In July 2021, China initiated a cybersecurity investigation against the company shortly after its US public listing, resulting in a ban on new user registrations on the platform until January of this year. [Didi’s filing]
Correction: An earlier version of this article incorrectly stated Nasdaq as Didi’s listing venue, which was the New York Stock Exchange.
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