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China’s ride-hailing giant Didi Chuxing said its revenues rose 52.6% in the April-June quarter compared to a year earlier to 48.8 billion yuan, as demand rebounded with the end of strict COVID-19 restrictions.
Net loss narrowed significantly from a year earlier and the previous quarter 267 million yuan.
The company’s China mobility business revenue totalled 44.5 billion yuan, surging 57% from a year earlier, while its overseas revenue reached 1.9 billion yuan, an increase of 35.3% from a year earlier.
The surging revenue was driving by the pickup in orders, with the total order volume on Didi’s core platform reading 3.3 billion in the second quarter, surging 45.2% from a year earlier, and gross transaction value (GTV). reading 84 billion yuan, surging 54.8% from a year earlier.
Of that, its order volume in China reached 2.67 million, surging 47.7% from a year earlier, and GTV reached 67.6 billion yuan, jumping 60.5%. The company’s overseas order volume reached 626 million, an increase of 35.2% from a year earlier, and GTV reached 16.4 billion yuan, rising 34.9%.
Didi said that its business has recovered rapidly since January this year, with the average daily orders reaching 29.4 million and that in June exceeding 30 million.
Didi plans “to engage with our consumers and drivers more actively for the rest of 2023 through effective promotion and more diversified and affordable product offerings,” the company said.