Lyft, Inc.'s (LYFT) stock price tumbled 6.02% intraday on Tuesday, as the ride-sharing company grappled with intensifying competition and provided a weaker-than-expected bookings forecast for the first quarter.

In its latest earnings report, released after the market close, Lyft projected Q1 gross bookings between $4.05 billion and $4.20 billion, falling short of analysts' estimates of $4.26 billion. The company cited fierce competition with larger rival Uber Technologies (UBER) as a key factor pressuring its bookings outlook.

According to CEO David Risher, Lyft has been matching prices with Uber to grab more market share, a strategy that has helped boost rides and driver hours. However, this competitive pricing environment appears to have weighed on Lyft's near-term revenue projections.