Uber and Lyft's financial performance can be considered quite significant in the gig economy. Despite Uber's larger size, it only has twice the cash as Lyft. However, Lyft's market share has impressively doubled since 2015 from 15% to 31%. Both companies have been investing heavily in driver subsidies and promotional discounts for riders in a bid to capture more market share. This strategy has led to significant cash burn, with Uber reportedly spending over $11 billion since its inception. However, Uber announced for the first time in its history that it will be cash-flow positive for the full 2022. While it's common for tech sector companies to operate at a loss for extended periods, Uber did so for a longer duration than others.
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