Uber lost $2.4 billion, thanks largely to Didi investment

China’s crackdown on its Big Tech companies continues to have reverberations around the world. On Thursday, Uber said it lost $2.4 billion in its most recent quarter, largely because of its investment in Chinese ride-hailing company Didi.

The Didi investment weighed heavily on what was otherwise a fairly upbeat quarter for Uber, as both customers and drivers increasingly returned to the road. The loss was 123 per cent more than the same quarter a year ago, when Uber’s business was reeling from the pandemic.

Since Didi, China’s largest ride-hailing company, went public in July, it has faced increasing pressure from Beijing on data security, privacy and worker protections.