Uber and Lyft, despite being tech companies, have a financial performance that differs significantly from traditional taxi services. Both companies have been battling for market share, resulting in significant spending on driver subsidies and promotional discounts for riders. This strategy has led to both companies burning through a lot of cash. Uber, for instance, has reportedly spent 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 year of 2022. While it's normal for tech companies to operate at a loss for extended periods, Uber has done so for longer than others.
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