China’s largest ride-hailing service, Didi Chuxing, officially filed for a U.S. initial public offering Thursday with an odd inclusion for its sector: actual profit.
The company — which filed under a parent company’s name, Xiaoju Kuaizhi Inc. — did reveal that it turned a profit in the first quarter after years of large losses, with financial records showing GAAP net income of 5.49 billion rembini on revenue of RMB 42.16 billion , up from a loss of RMB 3.97 billion on sales of RMB 20.47 billion the year before.
U.S. counterparts Uber Technologies Inc. UBER, +0.83% and Lyft Inc. LYFT, +0.51% have not produced a quarterly profit since going public in 2019. In their most recent quarters, which mirrored the time period of Didi’s first quarter, Uber reported a loss of $108 million — its smallest quarterly loss as a public company — on sales of $2.9 billion, while Lyft lost $427 million on sales of $609 million.
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