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.

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 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.