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Uber predicted lower-than-expected gross bookings in the second quarter Wednesday morning, sending its shares down nearly 10 percent. Demand for delivery services is declining, a trend that prompted Getir to pull out of Europe.

Gross bookings grew 20 percent year-on-year to $37.7 billion, $18.7 billion related to cab rides and $17.7 billion to meal delivery (Uber Eats). Freight business declined to $1.2 billion.

Ridership grew 21 percent to 2.6 billion, or an average of about 28 million rides per day.

Adjusted EBITDA was 1.4 billion, up 82 percent year over year. Revenue (owned) grew 15 percent year over year to $10.1 billion. Still, there was a sizable loss of $654 million due to disappointing investments.

Ride-hailing company Lyft, Uber's main rival in the U.S. market, on Tuesday forecast higher-than-expected gross bookings for the current quarter, thanks to robust demand for its services.

Lyft cut costs by 13 percent and reduced its net loss by 78 percent in 2023.

For the quarter ended March 31, Lyft's revenues rose 28 percent to 1.28 billion, exceeding expectations of 1.16 billion. Adjusted profit was 59.4 million.

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