Uber Technologies ( UBER ) stock is down nearly 9% midday in Wednesday's trading session after the ride-hailing firm reported an unexpected loss in its first quarter.

In the three months ended March 31, Uber's ( UBER ) revenue increased 14.8% year-over-year to $10.1 billion, driven by a 19.9% rise in gross bookings to $37.7 billion. Its net loss widened to $654 million, or 32 cents per share, from $157 million, or 8 cents per share, in the year-ago period. The company noted that its net loss included "a $721 million net headwind (pre-tax) due to net unrealized losses related to the revaluation of Uber's ( UBER ) equity investments."

"Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale,” Uber ( UBER ) CEO Dara Khosrowshahi said in a statement. "More than 7 million people now choose to earn flexibly on Uber ( UBER ) every month, with driver earnings of $16.6 billion continuing to grow faster than our topline."

The results were mixed compared with analysts' expectations, which had called for revenue of $10.1 billion and earnings of 23 cents per share, according to CNBC.

For the second quarter, Uber ( UBER ) said it expects gross bookings in the range of $38.75 billion to $40.25 billion and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in the range of $1.45 billion to $1.53 billion.

The Q2 outlook is inline with Wall Street's expectations, which calls for gross bookings of $40 billion and adjusted EBITDA of $1.49 billion.

"Demand for Uber ( UBER ) remains robust across our platform, supported by our improving marketplace experience, the continued shift of consumer spending from goods to services, and the secular trend towards on-demand transportation and delivery," Khosrowshahi said in prepared remarks.

What is the prediction for Uber ( UBER ) stock?

Wall Street is bullish on the tech stock, which joined the S&P 500 last December. According to S&P Global Market Intelligence, analysts' average target price for Uber ( UBER ) is $86.92, representing implied upside of over 35% to current levels. Additionally, the consensus recommendation is a Strong Buy.

Jefferies is one of those with a bullish outlook on Uber ( UBER ) stock. The financial services firm has a Buy rating and $103 price target on UBER ( UBER ), representing implied upside of more than 59% to current levels.

In an April note raising its price target to $100 from $95, Jefferies said, "UBER ( UBER ) is increasingly leveraging an expanded Mobility product suite to address more use cases, which is driving increased user adoption and multi-product attachment."

More recently, Jefferies lifted its target price on May 7 to $103 from $100 on optimism surrounding Uber's ( UBER ) recently announced partnership with grocery delivery firm Instacart (CART).