Uber loses $2.9 billion, offloads bike and scooter business
May 8, 2020
NEW YORK (AP) — Uber lost $2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain.
The ride-hailing giant said Thursday it is offloading Jump, its bike and scooter business, to Lime, a company in which it is investing $85 million. Jump had been losing about $60 million a quarter.
"While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus addit...