01:52 PM EDT, 05/08/2024 (MT Newswires) -- (Updates with share price change in the headline and first paragraph)

Uber Technologies ( UBER ) shares slumped 8.3% in recent Wednesday trading following a surprise Q1 loss.

The net loss of $0.32 per diluted share widened from the loss of $0.08 a year earlier, the company said Wednesday. Analysts polled by Capital IQ expected earnings of $0.22.

Revenue in the quarter ended March 31 rose to $10.13 billion up from $8.82 billion a year earlier. Analysts surveyed by Capital IQ expected $10.09 billion.

Gross bookings rose to $37.65 billion from $31.41 billion a year earlier. The consensus on Visible Alpha was $38.02 billion.

The ride-hailing company expects Q2 gross bookings of $38.75 billion to $40.25 billion. Adjusted earnings before interest, taxes, depreciation, and amortization will likely be $1.45 billion to $1.53 billion, the company said.

Price: 64.44, Change: -5.99, Percent Change: -8.50