Uber’s shares dropped 11% on Thursday as the company reported a slowdown in bookings growth, forecasting fourth-quarter gross bookings below Wall Street expectations. This deceleration in bookings—a key performance indicator for ride-sharing apps—marked a more-than-one-year low for Uber, falling short of analysts’ predictions and stirring concerns about future demand.

In the third quarter, Uber’s mobility gross bookings rose 26.4%, with user engagement reaching record highs. However, despite this growth, analysts and company leaders are noticing weakened demand, attributed to high inflation, economic uncertainty, and rising interest rates, which are pushing consumers to curb unnecessary expenses. According to Susannah Streeter of Hargreaves Lansdown, consumers are increasingly turning to cheaper transport options, further affecting the ride-hailing market.

CEO Dara Khosrowshahi said Uber is focused on suburban expansion in the U.S. and globally, aiming to sustain growth in less-saturated areas with new pricing strategies and features for long-distance riders. Lyft, a key competitor, saw its shares dip 5.3% in response to Uber’s forecast, as they prepare to release their quarterly earnings next week.