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 said it was expecting gross bookings between $4.05 billion and $4.20 billion in the first quarter, below estimates of $4.26 billion. Uber also projected bookings below estimates for the same period last week.

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.