Didi Chuxing Reports Strong Q2 Performance: Transaction Volume and Gross Transaction Value Reach New Highs

Didi Chuxing Reports Strong Q2 Performance: Transaction Volume and Gross Transaction Value Reach New HighsOn August 21, 2024, Didi Chuxing officially released its Q2 2024 earnings report on its official website. The report indicates that Didi's core platform (including China rides and international business) experienced significant growth in transaction volume during the second quarter, reaching an all-time high

Didi Chuxing Reports Strong Q2 Performance: Transaction Volume and Gross Transaction Value Reach New Highs

On August 21, 2024, Didi Chuxing officially released its Q2 2024 earnings report on its official website. The report indicates that Didi's core platform (including China rides and international business) experienced significant growth in transaction volume during the second quarter, reaching an all-time high.

Specifically, Didi's core platform achieved a total transaction volume of 3.875 billion orders, representing a 17.4% increase year-over-year. Of this, China rides business totaled 3.004 billion orders, up 12.3% year-over-year, while international business saw even more rapid growth, reaching 871 million orders, a 39.1% increase year-over-year. Based on these figures, the daily average order volume for China rides and international business was 33 million and 9.57 million, respectively.

The surge in transaction volume has also driven sustained growth in Didi's core platform total gross transaction value (GTV). In Q2, the company's GTV reached 96.3 billion yuan, a 14.7% increase year-over-year. Of this, China rides GTV was 73.5 billion yuan, up 8.7% year-over-year, while international business GTV reached 22.8 billion yuan, a substantial 39.3% increase year-over-year.

In terms of financial performance, Didi achieved a net profit of 1.7 billion yuan in Q2, with a net profit attributable to Didi's ordinary shareholders of 1.4 billion yuan. Meanwhile, adjusted EBITA (non-GAAP) reached 1.3 billion yuan.

Didi's founder and CEO, Cheng Wei, stated in the report, "Over the past quarter, we have continued to focus on enhancing product competitiveness and operational efficiency. The company's various businesses are developing steadily, with domestic and international operations continuing to grow. Both order volume and GTV are experiencing healthy growth and have reached historical highs. Looking ahead, we will continue to listen to feedback from users and the community, continuously improve our products and services, actively assume social responsibility, and achieve high-quality growth."

Furthermore, Didi's previously disclosed share repurchase program of up to $1 billion is progressing steadily. As of July 31, 2024, Didi has repurchased approximately 90.2 million ADSs, equivalent to $370 million, in line with the plan. Of this, $220 million, equivalent to 53.1 million ADSs, were repurchased between May 28, 2024, and July 31, 2024.

Didi Chuxing's Q2 earnings report demonstrates the company's continued growth momentum. With a focus on both domestic and international markets, Didi's core platform has witnessed strong growth in transaction volume and GTV. In the future, Didi will continue to deepen its presence in the ride-hailing sector, continuously improving its products and services to provide users with more convenient and efficient transportation services.

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