Uber Technologies Inc. (UBER) shares plummeted 5.08% in pre-market trading on Wednesday after the ride-hailing and delivery giant reported second-quarter earnings that largely met expectations but issued a weaker-than-expected outlook for the third quarter.

The company posted second-quarter adjusted earnings of $0.81 per share, matching Wall Street estimates, while revenue came in at $14.19 billion, slightly below the consensus estimate of $14.24 billion. More significantly, Uber's third-quarter guidance disappointed investors, with adjusted earnings per share forecast at $0.84 to $0.88, falling short of the average analyst estimate of $0.89. The company also guided for gross bookings with a midpoint of $59.25 billion, below the consensus of $59.33 billion, and cited foreign exchange headwinds that would trim reported bookings growth by approximately one percentage point.

Adding to investor concerns, Uber reaffirmed its plans to invest heavily in future growth, including a $14.8 billion deal to acquire German food delivery platform Delivery Hero and a commitment to spend over $10 billion on autonomous vehicles in the coming years, raising questions about near-term capital allocation and profitability.