Shares of the two ride-hailing giants were moving in opposite directions Wednesday morning. Uber $UBER stock fell more than 6% after the company released its first-quarter results. By contrast, rival Lyft $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.

Daily Brief

The essential business news, delivered fresh every morning.

Join 500,000+ readers who start their day with Quartz.

By subscribing, you agree to our Terms of Service and Privacy Policy.

MarketsRoblox stock posted its worst day ever after pulling its full-year outlook

SpaceA discarded SpaceX rocket is about to slam into the moon at 5,400 mph

Cloud ComputingSpaceX will take another year to remove xAI's unpermitted gas turbines near Memphis

PharmaRohto is recalling nearly 12 million eye drop bottles over sterility concerns

MarketsAn ex-OpenAI researcher's AI hedge fund collapsed from $45 billion to $10 billion in a week