Didi Q3 2025 Earnings - Worse Than Feared

The concerns I raised before turned out worse than I expected.

Not Even Bad: DiDi’s Q3 Reality Check

I recently laid out my thinking on DiDi and what I learned from my discussion with investor relations.

Then Q3 results came out, and I thought a brief update was in order.

Reading through the quarterly report, I was immediately reminded of Wolfgang Pauli, the Nobel Prize-winning physicist famous for dismissing bad theories with the ultimate academic insult: “That’s not right. That’s not even wrong.”

My first instinct looking at DiDi’s numbers was similar—”That’s not good. That’s not even bad.”

Having sat with it longer, I reconsidered. It’s not that the results exist in some quantum state below bad. They’re just bad. The China business is actually okay—mildly good, even. But some of the concerns I raised in my last piece are actually worse than I initially thought.

But I’m getting ahead of myself.

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Didi: A Great Business That Still Leaves Me Uneasy