Chinese ride-hailing company Didi Global reported an 8.5% year-on-year rise in revenue for the first quarter of 2025, reaching 53.3 billion yuan ($7.42 billion), as the company continues to recover from a prolonged regulatory crackdown. Net income stood at 2.4 billion yuan for the quarter, reversing a net loss of 1.4 billion yuan in the same period last year, supported by the adoption of new accounting standards.
Didi has been regaining ground since facing a major regulatory overhaul in 2021, when China’s cyberspace regulator investigated its U.S. IPO and ordered its apps removed from stores. The company was fined $1.2 billion in 2022 for data security violations but was permitted to relaunch its apps in early 2023. Since then, Didi has gradually resumed operations and expanded its user base.
The company completed 3.3 billion transactions across its China platforms in the quarter, up 10.3% year-on-year, reflecting a rebound in domestic travel activity. However, competition has intensified as major Chinese tech firms including Alibaba and Meituan have integrated ride-hailing into their super-app ecosystems, acting as aggregators for multiple regional service providers.
Despite the challenges, Didi maintains a strong market position in China and continues to grow abroad. First-quarter revenue from international operations rose to 3 billion yuan ($417 million) from 2.4 billion yuan a year earlier. The company has also divested several non-core businesses, including its smart cockpit unit in 2023 and the bulk of its electric vehicle development assets to Xpeng.