Beijing, April 29 (BNA): Chinese ride-hailing giant Didi Global on Saturday reported a 19% year-on-year decline in 2022 revenue as the country’s coronavirus lockdown and regulatory crackdown take a heavy toll.
In its first annual report since delisting from the United States last year, Didi said its total revenue fell to 140.79 billion yuan ($20.37 billion) primarily “due to the impacts of the COVID-19 outbreak in the second and fourth quarters of 2022.” Its business in China took a hit, Reuters reported.
China imposed strict coronavirus restrictions across the country last year that hurt its economy. These restrictions were lifted in December last year.
The report stated that the net loss attributed to Didi Global shrank to 23.78 billion yuan in 2022, compared to a net loss of 49.34 billion yuan in 2021, supported by factors such as investment gains.
The China commute business turned into a loss in 2022, though Didi said it returned to growth this year, citing a rapid recovery in travel across China after the end of COVID restrictions.
In March, China Mobility’s Didi daily transactions jumped 42% compared to the same period last year, to an average of 28.2 million.
China lifted an 18-month ban on Didi earlier this year after a more than year-long regulatory crackdown on the company over cybersecurity breaches. The company has been delisted in the US, dozens of its apps have been banned from major app stores, and it has paid the largest regulatory penalty ever imposed on a Chinese tech company.
Its net loss for 2022 included the $1.2 billion fine.
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