Chinese ride-hailing giant Didi Global swung to a net loss in the first quarter, as higher losses from its international business weighed on profitability.
The platform posted a net loss of 1.2 billion yuan ($177.43 million) for the three months ended March 31, compared to a net profit of 2.4 billion yuan a year earlier.
Revenue rose 10.3% to 58.7 billion yuan.
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 2.9 billion yuan from 176 million yuan a year earlier.
In China, Didi faces growing competition from local platforms including Alibaba Group and Meituan, which have integrated ride-hailing and mobility services into broader consumer apps.($1 = 6.7632 Chinese yuan renminbi)
Reuters
