Didi announced on music videos with sexMonday that revenue for the third quarter ended Sept. 30 grew 25% year-on-year to RMB51.4 billion ($7.1 billion), marking a record-breaking quarterly result for the ride-hailing platform. Chinese citizens returning to regular activities drove demand for road transport. Average daily rides reached a historical peak of 31.3 million in the home market over the period. The country’s biggest ride-hailer implemented targeted measures to subsidize trips, particularly those driven by red-hot demand for music events during summer holidays. Net profit attributable to shareholders of RMB 107 million contrasts with a net loss of RMB 2 billion earned a year ago, partly due to the benefit from the investment in Nasdaq-listed rival Grab and the spin-off of its autonomous truck business. Didi has also completed the sale of its electric vehicle business to Xpeng and is currently assessing the impact on its consolidated financial results. [Didi filing]
