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Shares of the two ride-hailing giants were moving in opposite directions Wednesday morning. Uber stock fell more than 6% after the company released its first-quarter results. By contrast, rival Lyft’s shares rose more than 8% after it reported better-than-expected quarterly earnings.
Uber announced an unexpected net loss in its latest earnings report, along with lower bookings projected in the next quarter. The company’s net loss increased from $157 million to $654 million, resulting in a loss of 32 cents per share compared to 8 cents per share in the same quarter last year. In contrast, Wall Street’s analysts expected 23 cents per share in earnings.
Uber expects to report gross bookings between $38.75 billion and $40.25 billion for the second quarter, missing estimates of $40 billion.
It wasn’t all bad, though. Uber reported $10.13 billion in revenue, which is more than the $10.11 billion estimated by analysts.
In its quarterly earnings report released Tuesday evening, meanwhile, Lyft exceeded expectations with a revenue of $1.28 billion, surpassing the estimated $1.17 billion. Its adjusted earnings per share exceeded analysts’ consensus estimate, coming in at $0.15 versus $0.09 per share.