Lyft (NASDAQ:LYFT) shares are down more than 16% pre-market today after the company reported its Q1 earnings results, with EPS coming in at ($0.50), missing the Street estimate of ($0.08).

Revenue increased 14% year-over-year to $1 billion, above the Street estimate of $981.71 million. Active riders saw a 9.8% growth year-over-year, with an increase of 4% in the revenue per active rider.

Management anticipates Q2/23 revenue to be in the range of $1-1.02 billion, worse than the Street estimate of $1.08 billion. Adjusted EBITDA is expected to be in the range of $20-$30 million.