Ride-hailing giant Didi’s Q1 net loss narrowed 93% on year

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

Chinese ride-hailing giant Didi Global reported a net loss of 1.2 billion yuan in the first quarter, narrowing by 93% from the net loss of 16.3 billion yuan in the same period in 2022, and revenue rose by 19.1% to 42.7 billion yuan. 

Its revenue from the domestic market rose 18.7% to 39 billion yuan driven by strong demand during the Chinese New Year, resulting in lower spending on marketing expenses, it said. Didi reported an average of 28.2 million daily transactions in March and expects to provide more effective promotions and more affordable products in China this year.

Its international business saw a 40.7% surge in revenue to 1.7 billion yuan. The company said it would continue to focus on key markets such as Brazil and Mexico in Latin America while planning to further step up its investments for its international sector for the rest of the year, including expanding into new markets.