Uber Loses $2.9 Billion, Offloads Bike and Scooter Business

Uber Loses $2.9 Billion, Offloads Bike and Scooter Business
Uber services. Angelo Merendino/AFP/Getty Images
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NEW YORK—Uber lost $2.9 billion in the first quarter as its overseas investments were hammered by COVID-19.

While the CCP (Chinese Communist Party) virus, commonly known as novel coronavirus pandemic hit the company hard, it is looking to grow its food delivery business and strengthen cost-cutting measures to ease the pain.