Didi Global Revenue Rises Amid Recovery from Regulatory Crackdown

Didi Global, the Chinese ride-hailing giant, has reported a 7.1% year-on-year increase in fourth-quarter revenue, reaching 52.9 billion yuan ($7.32 billion), Reuters reports. This growth is attributed to a rebound in travel demand in China following a period of regulatory scrutiny.

The Beijing-based company also reported a net loss of 1.3 billion yuan for the quarter, compared to a profit of 45 million yuan a year earlier. According to Reuters, this loss stemmed from non-operating items, including investment losses of 742 million yuan.

Didi's app was previously targeted by China's cyberspace regulator in 2021 following the company’s pursuit of a U.S. initial public offering (IPO) without approval, resulting in app removals and a user ban. However, the company was later permitted to relaunch its apps in early 2023 following a $1.2 billion fine for data security violations in July 2022.

The company was delisted from the U.S. in 2022. Despite regulatory challenges, Didi remains a dominant player in China’s ride-hailing sector, completing 3.25 billion transactions during the quarter, a 10.8% year-on-year increase across its Chinese platforms.

Alongside its domestic presence, Didi has a substantial international presence in countries such as Brazil and Mexico. Revenue from these international operations rose to 3 billion yuan, up from 2.2 billion yuan in the same period last year.

In recent years, Didi has focused on divesting non-core assets. This involved the sale of its smart cockpit unit to a subsidiary of NavInfo in August 2024. Last year, the company divested the majority of its electric vehicle (EV)-related assets to Xpeng.