After Lyft Inc.’s financial results sent shares of Uber Technologies Inc. into a spiral on Tuesday night, Uber said executives would move up the time for their own earnings announcement.

disappointed investors with its first-quarter traffic numbers and second-quarter guidance after the bell on Tuesday, sending shares down more than 25% in after-hours trading. Uber UBER,
stocks also took a hit, at times dropping more than 10% in the extended session.

As stocks plunged, Uber announced around 6:30 p.m. Eastern time that it would increase its earnings report, originally scheduled after markets closed on Wednesday, before the bell. Stocks immediately began to rally, going from a loss of around 7% to less than 3% within minutes.

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Uber now plans to release its results at 7:00 a.m. Eastern Time on Wednesday and will hold a conference call at 8:00 a.m. The press release says the release and call have been “rescheduled to provide an update. faster day on the company’s performance and directions ahead of the market open”. .”

A major factor in Lyft’s disappointing forecast was the added costs of attracting drivers, which has at times been a problem for both companies as they seek to recover from the COVID-19 pandemic. Lyft guided adjusted Ebitda from $10 million to $20 million in the second quarter, while analysts on average had expected $83 million, according to FactSet.

Investors will be looking for similar issues at Uber when the company reports its first quarter results. Uber also owns the Uber Eats food delivery business which has generated results while the pandemic has damaged the ride-sharing business which competes with Lyft.

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Even before any Wednesday declines were recorded, Uber and Lyft stocks have struggled in 2022. Lyft stock is down 28% so far this year and Uber shares have fallen 29.7%, while the S&P 500 SPX index,
decreased by 12.4%.