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(Bloomberg) -- Hertz Global Holdings Inc. shares plunged after the car-rental company posted a larger-than-expected loss in the first quarter, pressured by a slowdown in customer bookings.

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Revenue fell 13% in the period, contributing to an adjusted loss of $1.12 per share, the company said in a statement late Monday. Analysts had expected a 99-cent deficit on average, according to estimates compiled by Bloomberg.

The company showed declines on multiple key metrics. While forward bookings from leisure customers were up from a year ago, demand from corporate and government customers has moderated.

Hertz moved to sell older models and buy newer cars before President Donald Trump’s tariffs raised their prices. About 70% of the company’s fleet is less than a year old, which should drive down future depreciation costs, Chief Executive Officer Gil West said Tuesday on the company’s investor call.

“We have a younger fleet that’s well equipped to navigate today’s uncertainty,” West said. He added the company worked closely with automakers in the first quarter to accept vehicle deliveries “ahead of schedule to avoid tariff exposure.”

West said the timing of Hertz’s fleet moves meant the company lost some business in certain markets and he acknowledged that the company faces economic uncertainty.

While Hertz is “accelerating its transition strategy and has some benefits on depreciation, we believe the risk ahead is on demand,” Barclays analyst Dan Levy wrote in a research report. He noted that the first-quarter miss was primarily in the Americas.

Hertz shares fell 17% at 1:48 p.m. Tuesday in New York. The stock had gained 90% this year through Monday’s close.

Hertz is offering fewer cars for rent as it freshens its fleet and contends with the trade war that has rattled markets and consumer sentiment. Bill Ackman’s Pershing Square Capital Management has amassed a nearly 20% stake in the rental car company, in a part as a bet that tariffs will drive up the value of Hertz’s fleet. Ackman has said that he thinks the worst is behind Hertz, though he expects near-term results will be weak.

Ackman’s stake lost $71 million during intraday trading at 1:45 p.m. in New York. His $352 million position is still up about $4 million from April 16, the day before he disclosed his position in an X post.