Mounting losses and slowing revenue growth at Uber are scaring investors.

The ride-sharing company said after markets closed Thursday that it lost $5.2 billion in the three months ending in June, its largest quarterly loss ever.

The loss was fueled by $3.9 billion in stock-based compensation related to its public offering. But even without those charges, the company still lost about $1.3 billion, a roughly 50% increase from the previous year.

Uber is making big investments in freight shipping and meal delivery. It’s also offering discounts for its core business to attract new customers and compete with rivals like Lyft.

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Its revenue was $3.1 billion during the quarter, a 14% increase from the year prior. That’s hardly the rocketing growth that investors typically expect from technology companies that just went public.

Shares in Uber are down more than 7% in premarket trading.