Lyft’s quarterly revenue miss, despite an upbeat forecast, led to a 5.5% drop in shares. The company’s revenue of $1.59 billion fell short of estimates, with a 10.6% rise slower than Uber’s growth. However, Lyft’s earnings of 10 cents per share exceeded expectations, driven by premium ride-hailing services. Rides on the platform hit a record high of 234.8 million.

Lyft recently acquired FreeNow and partnered with Baidu for robotaxis in Europe. A new collaboration with United Airlines will offer rewards for Lyft rides. The company expects third-quarter gross bookings to range from $4.65 billion to $4.80 billion, surpassing estimates. Lyft’s entry into Europe sets the stage for future international partnerships, building on existing alliances with DoorDash and Chase.

Read more at Yahoo Finance: Lyft’s revenue miss clouds upbeat bookings forecast on European expansion