Lyft forecast current-quarter gross bookings below estimates on Tuesday, as its jostles for more riders with larger rival Uber Technologies , while wildfires and extreme weather events disrupted its business in some key markets.

Lyft shares tumbled close to 14% in premarket trading on Wednesday after the company issued weaker-than-expected guidance for first-quarter gross bookings, raising concerns about its ability to compete with larger rival Uber Technologies.

Lyft shares slumped about 9% on Wednesday after the ride-hailing company warned that lower pricing trends from late last year are expected to continue in 2025, as it tries to match prices with larger rival Uber.