Didi Global, a Beijing-based ride-hailing company, posted net income of 866 million yuan (about US$128 million) for the quarter ended June.

The company returned to profit after two quarterly losses as stronger ride-hailing demand in China boosted its performance.

Revenue rose 11% year on year to 62.5 billion yuan (US$9.27 billion), while transaction value in Didi’s main China mobility business increased 9.5% to a record level.

Didi faces domestic competition, including from Alibaba Group Holding’s Amap, but is estimated to hold over 70% of China’s ride-hailing market.

The sector remains crowded, with at least 339 platforms and discount services offering rides 10% to 40% cheaper than regular fares.

Didi listed on the New York Stock Exchange in 2021 and delisted in 2022 after Chinese regulators opened a cybersecurity probe and later fined it 8 billion yuan (US$1.19 billion) in July 2022.

The company is also expanding outside mainland China, including in Hong Kong, and now operates in 14 countries.

🔗 Source: Bloomberg

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