Didi App Sparks 57% Q2 Revenue Surge, 30M+ Daily Orders in June

On September 9th, Didi released its Q2 2023 performance report on its official website. According to the financial report, Didi achieved a total revenue of $6.69 billion in the second quarter, representing a year-on-year growth of 52.6%. The net loss attributable to ordinary shareholders of Didi was $40 million, and the adjusted EBITA loss was $1.37 million. So far this year, Didi has narrowed its net losses to two consecutive quarters.

In terms of business segments, in the second quarter, Didi Chuxing’s total revenue from China operations (including China ride-hailing, taxi services, designated driving, and Hitch) reached $6.1 billion, a year-on-year growth of 57%, with an adjusted EBITA profit of $190 million. The total revenue from international operations was $260 million, a year-on-year growth of 35.3%, with an adjusted EBITA loss of $30 million. The total revenue from other businesses was $340 million, a year-on-year growth of 8.6%, with an adjusted EBITA loss of $165 million.

Compared to the same period last year, DiDi Global Inc. achieved a revenue growth rate of 57% in the second quarter of this year. This means that as of today, the overall scale of DiDi’s business is still expanding.

According to the financial report, DiDi Global Inc. experienced a significant increase in order volume in the second quarter and maintained synchronized growth in both domestic and international markets. In the second quarter of 2023, the total order volume on DiDi’s core platform reached 3.3 billion orders, representing a year-on-year growth of 45.2%. Among them, the order volume for trips within China was 2.674 billion orders, with a year-on-year growth of 47.7%; while the order volume for international business was 626 million orders, with a year-on-year growth of 35.2%. Since its launch on the DiDi app, trip orders within China have continued to grow steadily, reaching an average daily order volume of 29.4 million orders in the second quarter and surpassing 30 million orders per day in June.

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The significant increase in the number of travel orders directly drove the expansion of platform transaction volume. In the second quarter, Didi’s core platform’s total Gross Transaction Value (GTV) reached $11.5 billion, a year-on-year growth of 54.8%. The GTV for domestic travel in China was $9.27 billion, a year-on-year growth of 60.5%; while the GTV for international business was $2.25 billion, a year-on-year growth of 34.9%.

The reason for achieving double growth in order volume and transaction amount is twofold. On one hand, it is due to the gradual recovery of economic activities and frequent travel demands throughout this year, which have increased in various scenarios. On the other hand, DiDi Global Inc. has been continuously implementing discount policies targeting end-users as part of its operational strategy. For example, there are user-side travel discount activities such as “DiDi 567” and “DiDi 9 RMB Taxi”. Additionally, during peak periods of demand such as holidays, DiDi promotes matching between supply and demand through various channels to achieve customer acquisition growth. It is reported that during the Dragon Boat Festival holiday period this year, travel popularity remained high with over 400,000 users downloading the DiDi app on the first day of the holiday on June 22nd.

The group of online car-hailing drivers is also becoming a topic of common concern in society. In order to stabilize the platform’s capacity, the operation on the driver side has always been one of the key businesses for ride-hailing platforms. In June this year, Didi launched the “Orange Security Plan,” upgrading income, rights, and development guarantees to effectively protect the legitimate rights and interests of online car-hailing drivers. Didi also launched the “Cool Summer” plan in June, providing a total subsidy of 500 million yuan for driver masters during high temperatures. Behind this, as a flexible employment platform, Didi is actively playing a role in stabilizing employment.

In addition, as of June 30, 2023, Didi’s cash and cash equivalents, restricted funds, and investment balance stood at $7.38 billion. This balance increased compared to the balance of $6.69 billion on December 31, 2022. It will serve as a strong reserve for Didi’s preparations in the second half of the year.