Lyft (NASDAQ:LYFT) sank greater than 30% in extended-hours buying and selling on Thursday after it stated its first-quarter can be a lot weaker-than-expected.

Seeking to the first-quarter, Lyft (LYFT) expects income to be roughly $975M, effectively under the $1.1B that analysts anticipate. It expects adjusted EBITDA between $5M and $15M.

Uber (NYSE:UBER), which competes with Lyft (LYFT), fell about 1.6% in prolonged hours.

Throughout the fourth quarter, Lyft (LYFT) generated $1.2B in income, up 23.7% year-over-year, topping estimates by $50M. It had 20.36M energetic riders, who generated on common $57.72 through the interval, up 11.5% year-over-year.

It had an adjusted EBITDA lack of $248.3M and an adjusted web lack of $270.8M.

Lyft (LYFT) additionally recorded $29.5M in severance-related prices through the interval, associated to its November-announced job cuts.

It additionally expects an impairment cost of about $3M within the first-quarter associated to the layoffs, together with $9M in lease termination penalties because it consolidates its workplace house.

Earlier this week, funding agency Gordon Haskett downgraded Lyft (LYFT), citing the inventory’s sharp transfer for the reason that begin of the yr in addition to its desire for Uber Applied sciences (UBER).