Lyft's shares plummeted 16% on Wednesday, hitting an eight-month low of $9.20, after the company provided a weak forecast for the summer quarter. This forecast, which fell short of analyst expectations, raised concerns about Lyft losing ground to Uber.

Despite reporting a record 23.7 million active riders and a 41% revenue increase to $1.44 billion for Q2 2024, Lyft's stock decline was driven by disappointing future booking and earnings guidance.

Lyft's forecasted bookings of $4.0 billion to $4.1 billion and adjusted EBITDA of $90 million to $95 million missed analysts' expectations, exacerbating the stock drop.