Hertz stock plunged after hours after the car rental company missed first-quarter expectations, when it reported abysmal Q1 earnings. HTZ reported a Q1 net loss from continuing operations of $223 million, or $2.69 a share, including $30 million of impairment charges, a loss over four times greater compared to the $52 million it lost in Q1 of 2016. On an adjusted basis, the company reported a net loss of $134 million, or $1.61 a share, missing expectations of a $0.84 loss, and double the adjusted net loss of $67 million, or 79 cents a share one year ago.

Total revenue for the first quarter reached $1.92 billion, a 3% decline compared with $1.98 billion a year ago, also missing expectations of $1.95 billion.

Worse, adjusted EBITDA for the first quarter 2017 was a negative $110 million, compared to positive $27 million in the same period last year.

The company reported that in the first quarter, total U.S. rental car revenue was $1.4 billion, down 4% from a year ago, as prices decreased 3% in the quarter, hurt by an "unfavorable customer mix." Hertz also blamed the shift of Easter holiday into 2Q.

The rental company disclosed Q1 U.S. rental car segment net vehicle depreciation/unit/month rose 15% vs y/y $348, primarily driven by seasonally weak residual trends, and confirming that rental operators are accelerating the depreciation of their fleets.

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International did not much better, and Q1 international rental car revenue dropped 5% to $411 million, with the company blaming the decline on tougher year-over-year comps due to additional Leap day in 2016, Easter shift and termination of certain contracts in 3Q 2016.

The CEO tried to sound upbeat but judging by the market reaction failed:

"As previously outlined, we are executing on a turnaround plan that puts our customers at the center of everything we do," said Kathryn V. Marinello, president and chief executive officer. "Our goal is to strengthen the business to drive predictable, sustainable growth over the long term. While we are mindful of today's headwinds related to used car residual values, our commitment to investing in the business remains steadfast. In particular, we are placing significant emphasis on fleet quality, the customer experience, brand development and systems transformation. These investments are critical to rebuilding our position as a leader in the global rental car market. While our performance doesn't yet reflect our investments and may continue to be uneven, we are seeing signs of progress."

What was not discussed in the earnings release is just how badly the true reason for Hertz' weakness, Uber, is hurting the company as it continues to grab market share as explained earlier in the day.

As a result, HTZ stock crashed in the afterhours, down some 14% as the deflationary impact of Uber on all its peers continues to reverberate.

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