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| A symbol of Chinese ride-hailing service Didi is visible atop its headquarters in Beijing, China July 5, 2021 |
March 23 (mod1s) - Didi Global, China's biggest ride-hailing operator, on Saturday declared a fourth-quarter profit, signaling that the Chinese ride-hailing leader has steadily recovered from challenges following extended regulatory scrutiny.
Didi Global reported net income attributable to shareholders of 818 million yuan ($113.15 million) in the three months ended Dec. 31, compared with a loss of 953 million yuan a year before. Revenues surged 55.4% to 49.4 billion yuan for the quarter.
In 2021, Didi found itself in the spotlight of China's internet regulator for its pursuit of a U.S. initial public offering without gaining clearance, sparking an investigation that barred it adding new users and led in many of Didi's applications being withdrawn from key app stores.
The corporation was charged with a $1.2 billion punishment in July 2022 for data security infractions. The corporation started recovering from its regulatory issues in early 2023 when it got approval to restart its applications.
Didi's net profit in Q4 2023 was also hurt by a big one-time expense in November, which was related with paying consumers for a problem that crippled its ride-hailing service.
As part of an apology for the issue, which that lasted for hours, the corporation rewarded millions of clients with vouchers worth at 10 yuan ($1.40) apiece.
($1 = 7.2293 Chinese yuan renminbi)