Chinese Ride-hailing Giant DiDi Reports Q2 Earnings Revenue Up 53% YoY

Automotive Author: Wenshan Hou Editor: Yiru Qian Sep 11, 2023 09:20 PM (GMT+8)

DiDi's growth in Q2 revenue is likely the result of regulatory easing

Didi travel

On September 9, DiDi (6869:HK) released its Q2 2023 earnings report. The report shows that in the second quarter of 2023, DiDi realized total revenue of CNY 48.8 billion, an increase of 52.6% year-on-year; net loss attributable to DIDI's common shareholders was CNY 300 million, and adjusted EBITA loss was CNY 10 million .

In the second quarter of 2023, total revenue from DiDi China (which includes online taxi, cab, chauffeur, and hitchhiking) reached CNY 44.5 billion, up 57% year-on-year, with an adjusted EBITA profit of CNY1.44 billion, mainly due to the improvement in DiDi's overall unit volume. 

Meanwhile, during the reporting period, the total number of units in DiDi's core platforms amounted to 3.3 billion units, up 45.2% year-on-year. Among them, the volume of domestic business was 2.674 billion units, up 47.7% year-on-year, while the volume of international business was 626 million units, up 35.2% year-on-year. 

Since the re-launch of the DiDi App, domestic orders have maintained continuous growth, with an average daily volume of 29.4 million units in the second quarter, and the average daily volume in June has exceeded 30 million units.

During the same period, the total transaction value (GTV) of DiDi's core platform reached CNY 84 billion, up 54.8% year-on-year. Among which, domestic part totalled CNY 67.6 billion, up 60.5% year-on-year, while international business GTV was CNY 16.4 billion, up 34.9% year-on-year. As of June 30, 2023, the balance of DiDi's cash and cash equivalents, restricted funds and financial investments was CNY 53.8 billion, and the December 31, 2022 balance was CNY 48.8 billion.

As of press time, DiDi closed at HKD 2.29 apiece, with a market cap of HKD 11.12 billion.