financetom
Business
financetom
/
Business
/
App takedown may adversely impact revenue in China: Didi
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
App takedown may adversely impact revenue in China: Didi
Jul 4, 2021 11:37 PM

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its "DiDi Chuxing" app from smartphone app stores in China is expected to have an adverse impact on its revenue in China.

Share Market Live

NSE

Earlier on Sunday, China's cyberspace regulator ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data.

"The company expects that the app takedown may have an adverse impact on its revenue in China," the company said in a statement.

In its filing from June, Didi reported revenue of about 42.2 billion yuan (USD 6.52 billion) for the three months ended March 31. Of that, 39.2 billion yuan came from the China mobility division while about 800 million yuan came from international business.

Didi has a dominant position in the online ride-hailing business in China and operates in 4,000 locations across 16 countries.

Didi said it will strive to rectify any problems and will protect users' privacy and data security.

The company also said once the app is taken down from app stores, new users will no longer be able to download the app in China, although existing users who had installed the app prior to the takedown may continue using it.

The takedown comes days after Didi made its trading debut on New York Stock Exchange having raised USD 4.4 billion in an initial public offering.

A senior Didi executive said on Saturday company stores all China user and roads data at servers in the country and it is "absolutely not possible" that it passed data to the United States.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Copyright 2023-2026 - www.financetom.com All Rights Reserved