It lost $1.6 billion last year, though it reported a profit of $30 million in the first quarter of this year. Ride-hailing companies like Uber and Lyft, in particular, have proved to be profligate money losers, often burning through billions in cash each year.ĭidi is no exception. The company made its debut, trading under the ticker DIDI, as Wall Street continues to embrace fast-growing tech companies regardless of their ability to turn a profit. But investor interest cooled throughout the day, and Didi closed at $14.20, pegging the company’s value at more than $69 billion. Didi, the leading Chinese ride-hailing platform, made its Wall Street debut on Wednesday, capping a year in which ride-hailing and travel companies have struggled to overcome intermittent pandemic lockdowns.ĭidi began trading at $16.82 a share on the New York Stock Exchange, up 20 percent from a $14-a-share offering price.
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