Why Uber Stock Was Slumping Today

Shares of Uber Technologies (NYSE: UBER) were moving lower as better-than-expected revenue in its first quarter wasn't enough to offset pessimism around the ridesharing industry, especially after rival Lyft (NASDAQ: LYFT) plunged on a disappointing second-quarter outlook.

While Uber even rescheduled its earnings release from this afternoon to this morning to counteract the sell-off coming from Lyft, that wasn't enough to change the market's mind.

At 12:12 p.m. ET, Uber stock was down 9.1%, while Lyft had plunged 31.9% at the same time.

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Source Fool.com