Didi Posts 1.2 Billion Yuan Quarterly Loss as Global Expansion and Brazil Defense Intensify
Updated
Updated · Bloomberg · Jun 2
Didi Posts 1.2 Billion Yuan Quarterly Loss as Global Expansion and Brazil Defense Intensify
1 articles · Updated · Bloomberg · Jun 2
1.2 billion yuan ($177 million) in net loss marked Didi’s second straight quarterly deficit for the three months ended March, with losses widening sharply from the December quarter.
Higher spending on global expansion and efforts to defend markets such as Brazil from new entrant Meituan drove the deeper loss.
58.7 billion yuan in revenue, up 10%, showed the business still growing even as profitability weakened.
China mobility transactions also rose 10% to a record high, underscoring strong domestic demand while Didi absorbs heavier investment costs.