Uber loses $2.9 billion, offloads bike and scooter business

Uber lost $2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic.

In an effort to stop the bleeding, 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.

Uber brought in $3.54 billion in revenue in the first quarter, up 14% from the same time last year.

Revenue in its Eats meal delivery business grew 53% as customers shuttered at home ramped up demand.

But its bottom line was hurt when the value of Uber’s investment in Chinese ride-hailing giant Didi, Singapore-based Grab and others plummeted by $2.1 billion as demand collapsed in those regions.