Uber shares drop sharply in premarket trade after it misses on earnings-per-share, but bookings jump by a fifth

• Uber shares dropped as much as 8% in premarket trading after reporting first quarter results Wednesday.
• The ride-hailing giant saw gross bookings climb 20% and revenue slightly beat expectations.
• Earnings-per-share was significantly below Wall Street forecasts, however.

Uber's share price dropped as much as 8% in premarket trading Wednesday after it reported a mixed bag of Q1 results.

Its gross bookings of $37.7 billion were up 20% compared to the same period last year, but fell short of its target. Plus, its forecast for gross bookings in the second quarter was also shy of Wall Street's expectations.