China ride-hailing giant Didi Q2 swings to net profit
Didi returns to profit on higher mobility volumes and international growth
BEIJING, Aug 13 (Reuters) - Chinese ride-hailing giant Didi Global returned to profit in the second quarter as record transaction volumes in its China mobility business and rapid international growth lifted revenue.
- The platform posted a net profit of 869 million yuan ($129 million) for the three months ended June 30, compared with a net loss of 2.48 billion yuan a year earlier.
- The year-earlier quarter was hit by a one-off shareholder-lawsuit provision.
- Q2 revenue rose 10.8% to 62.5 billion yuan.
- For China mobility services, average daily transactions reached a record high of 40.1 million in the quarter.
- Didi has been accelerating overseas investments, including expanding its multi-service strategy in Brazil and Mexico that also includes food delivery and financial services.
- Adjusted losses from Didi's international segment widened to 2.89 billion yuan from 748 million yuan a year earlier due to spending on marketing and incentives.
($1 = 6.7429 Chinese yuan renminbi)
