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The growth of Lyft's market share could have several potential impacts on its financial health. Firstly, it could lead to increased revenue as a larger market share means more customers using Lyft's services. However, it could also lead to increased expenses as Lyft may need to invest more in driver subsidies and promotional discounts to attract and retain customers. This could potentially lead to a situation where Lyft is burning through cash at a faster rate, similar to what Uber has experienced. However, if Lyft is able to manage its growth effectively, it could eventually become cash-flow positive like Uber.
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Despite Uber's larger size, Uber only has twice the cash as Lyft. Lyft's market share has doubled since 2015 from 15% to 31%. As both companies battle it out for market share, they've had to spend on driver subsidies and promotional discounts for riders. It's a strategy that has caused both companies to burn through a lot of cash—Uber has reportedly spent over $11 billion since its founding. But this year, for the first time in its history, Uber announced it will be cash-flow positive for the full 2022. While it has become normal to make a loss for extended periods in the tech sector, Uber did so for longer than others.
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