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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

China’s Didi posts first quarterly profit since 2021 as regulatory woes ease

A screen displays trading information for ride-hailing giant Didi Global on the floor of the New Yor... A screen displays trading information for ride-hailing giant Didi Global on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 3, 2021. REUTERS/Brendan McDermid/File photo
A screen displays trading information for ride-hailing giant Didi Global on the floor of the New Yor... A screen displays trading information for ride-hailing giant Didi Global on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 3, 2021. REUTERS/Brendan McDermid/File photo

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With the domestic market for mobility services continuing to rebound, Didi Global, the largest ride-hailing business in China, declared its first quarterly profit since 2021 on Monday, indicating its recovery from regulatory problems.

In contrast to a loss of 2 billion yuan a year earlier, Didi Global recorded net income attributable to shareholders of 107 million yuan ($14.66 million) for the three months ended September 30. The reported quarter’s revenue increased by 25% to 51.40 billion yuan.

Supported by Alibaba (9988. HK), Tencent (0700. HK), and SoftBank Group (9984.T), the ride-hailing company reported an annual net loss of 23.78 billion yuan in 2022 while failing to disclose its quarterly results.

On Monday, the firm declared it would increase marketing to support future business development and buy back up to $1 billion worth of shares over the next 24 months.

China’s cyberspace authority targeted Didi in 2021 for seeking a U.S. stock offering without permission. As a result, the company was subject to a regulatory probe that prevented it from adding new customers and resulted in the removal of hundreds of its programs from popular app stores.

Last year, the business was taken from the New York Stock Exchange’s list. After being granted permission to reinstall its applications, Didi started to recover from its regulatory issues in January 2022, despite being fined $1.2 billion for data security violations in July 2022.

Additionally, the firm has made efforts to focus on its core ride-hailing services and simplify its corporate procedures. The corporation said in August that it will sell its electric car business unit to Xpeng (9868. HK), a well-known Chinese electric vehicle startup, for a possible $744 million.

“In the future, we expect to continue expanding our core businesses while enhancing our product and service capabilities to provide better services to our consumers, drivers, and ecosystem partners,” Wei Cheng, chairman and CEO of Didi, stated in a press release.


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