Uber lost US$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 US$85 million. Uber brought in US$3.54 billion in revenue in the first quarter, up 14 percent from the same time last year. Customers will still have access to electric Jump bikes and scooters in the Uber app, but Lime will run the operation. To help keep drivers and riders protected during the pandemic, Uber says it will require drivers and riders to wear a mask beginning sometime in the coming weeks.

Source: The Standard May 08, 2020 03:00 UTC