(Reuters) -Lyft shares slumped nearly 14% in premarket trading 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,

Lyft Inc. issued a disappointing first-quarter gross bookings outlook, following a similarly muted forecast from rival Uber Technologies Inc. citing impact from the extreme winter weather and LA wildfires.