Shares of Uber Technologies (UBER) moved lower in premarket trading Wednesday after the ridesharing giant’s first-quarter gross bookings and revenue fell short of estimates.
Uber reported earnings per share of $0.83 on revenue that increased 14% year-over-year to $11.53 billion. Analysts surveyed by Visible Alpha had expected $0.49 and $11.59 billion, respectively. Gross bookings were $42.82 billion, while analysts were looking for $42.99 billion.
For the second quarter, Uber sees gross bookings between $45.75 billion to $47.25 billion and adjusted EBITDA of $2.02 billion to $2.12 billion. Analysts were projecting $45.78 billion and $2.06 billion, respectively.
Uber shares fell 4% immediately after the report. They had entered Wednesday up more than 40% since the start of the year.
Analysts have said the expansion of autonomous vehicles could negatively impact Uber’s business, but have noted that the company is mitigating the risk by partnering with several companies in the sector like Alphabet’s (GOOGL) Waymo and Pony AI (PONY), a collaboration Uber announced on Tuesday.
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