(Bloomberg) -- Lyft Inc. dropped the most ever in a single day after forecasting dramatically lower profits than expected and saying it will cut prices in an attempt to attract and keep customers.

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The ride-hailing company projected adjusted earnings before interest, tax, depreciation and amortization of $5 million to $15 million this quarter, missing an $83.6 million average estimate in a Bloomberg survey. Shares closed 36% lower in New York trading Friday at $10.31, the biggest decline since the San Francisco-based company’s initial public offering four years ago.

Read more: Lyft’s Massive Earnings Hit Spurred by SEC Accounting Warning

Lyft has struggled to keep customers on its platform and bring its ridership back to pre-pandemic levels. Its earnings stood in stark contrast to Uber Technologies Inc., which saw ride bookings soar by 31% in the fourth quarter, surpassing its delivery bookings for the first time since the pandemic and demonstrating that consumers are still willing to pay a premium for a car ride despite inflation.

“This is obviously not the level of growth or profitability we are aiming for or capable of, and we are laser focused on driving additional growth and managing costs,” co-founder and Chief Executive Officer Logan Green said in a conference call Thursday. Green said Lyft is “reviewing adjustments to the business, including cost-cutting measures.”

The stock plunged 74% in 2022, but had rebounded 47% this year through Thursday’s close. Lyft shares jumped in the company’s March 2019 trading debut, closing almost 9% higher than its IPO price of $72.

Read More: Uber Gains as Rides and Delivery Demand Defy Inflation Fears