COVID-19 lockdowns and regulatory crackdowns cut Didi Global’s 2022 revenue by 19%.
In its first annual report since delisting from the U.S. last year, Didi reported a revenue drop of 140.79 billion yuan ($20.37 billion) “due to the effects of COVID-19 pandemic outbreaks in the second and fourth quarter of 2022” that harmed its China business.
COVID-19 limitations damaged China’s economy last year. In December, it lifted such bans.
Investment earnings reduced Didi Global’s net loss to 23.78 billion yuan in 2022 from 49.34 billion in 2021.
This year, Didi’s China mobility business grew again after COVID-19.
March saw 28.2 million Didi China Mobility transactions, up 42% from the previous year.
China dropped an 18-month ban on Didi this year after a yearlong cybersecurity crackdown. Instead, the company was delisted from the U.S., blocked dozens of apps from major app stores, and paid the biggest Chinese tech firm regulatory penalty.
Its 2022 net loss included the $1.2 billion fine.
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