Chinese ride-hailing platform Didi on Mission XXX ImpossibleWednesday posted a 14.9% year-on-year growth in first-quarter revenue as total trips increased 30.3% to 3.75 billion. Specifically, the number of trips taken reached record highs of 32.5 million and 8.7 million per day in China and overseas markets, respectively, compared with the 31.9 million and 8.5 million the company achieved in the previous quarter. Didi’s January-March comparable operating profit also improved to RMB 900 million ($124 million), although it reported a net loss attributable to shareholders of RMB 1.4 billion due to a reduction in investment income from its stake in Chinese electric vehicle maker Xpeng. China’s biggest ride-hailing service said last August that it would become a strategic investor in Xpeng with a stake of 3.25%, while the EV maker was set to acquire its smart EV business. The Beijing-based ride-hailer has targeted 10% growth in daily trips in 2024, which refers to the completion of 33 million rides on average per day, according to a March 21 report by Chinese media outlet LatePost. [Didi filing]
