Uber (NYSE:UBER) stock is taking a beating on Wednesday despite the release of a solid earnings report for the first quarter of 2022 this morning.
That includes the company posting adjusted earnings per share of -18 cents. That’s better than the -24 cents that Wall Street was expecting from the company. It’s also an improvement over the -54 cents per share reported in the same period of the year prior.
Uber’s revenue for the quarter is another plus at $6.85 billion. That’s another beat over analysts’ estimate of $6.13 billion for the quarter. Also, it’s a 136% year-over-year increase compared to $2.9 billion.
All of this is good news, so why exactly is UBER stock slipping today? It looks like investors in the company have rival ride-hailing service Lyft (NASDAQ:LYFT) to blame.
Lyft also released its most recent earnings report and it wasn’t all sunshine and roses. The company’s revenue guidance for the second quarter of the year is sitting between $950 million and $1 billion. That’s not a good look for LYFT stock next to Wall Street’s estimate of $1.02 billion. Uber’s own outlook for the second quarter of the year includes gross bookings of $28.5 billion to $29.5 billion and adjusted EBITDA of $240 million to $270 million.
To go along with all of this, UBER stock is seeing incredibly heavy trading today. As of this writing, more than 82 million shares of the company’s stock have changed hands. That’s well above its daily average trading volume of 33.7 million shares.
UBER stock is down 8.4% as of Wednesday afternoon.
Investors seeking more stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.