HONG KONG -- Embattled Chinese ride-hailing leader Didi Global fell into the red last quarter under pressure from the regulatory crackdown that followed its $4.4 billion initial public offering in the U.S. last June.
In its first financial update since its IPO, Didi said revenues for the July-September period slid 11.5% from the previous quarter to 42.68 billion yuan ($6.62 billion) due to a falloff in domestic transactions. The figure marked a decline of 1.7% from revenues generated during the same period a year earlier.
