Passenger Transportation Services
Didi reports Q2 losses of $350m on lawsuit provisions, despite revenue increases
Didi Global, the Chinese ride-hailing company, reported a net loss of 2,5 billion yuan (US$350 million) in its second quarter, mainly due to a one-off expense, despite revenue growth of 10.9%, largely due to growth overseas. The main reason for the loss was due to a provision made of 5.3 billion Yuan in connection with a shareholder lawsuit that had been previously disclosed. Marketing and other expenses also increased as a result of intensifying competition at home. Didi's dominant position in China’s ride-hailing industry is maintained, but rivals are increasing their pressure. Alibaba and Meituan, for example, have integrated ride-hailing...