In the fourth quarter of 2023, Uber's ridership worldwide totaled *** billion trips. This compares to *** billion trips in the first quarter of 2022, representing an increase of ** percent year-on-year. A brief overview of Uber Technologies Uber Technologies Corporation started as a ridesharing company to disrupt the traditional taxi services industry. Having observed the global lucrativeness of the sharing economy in the upcoming years, Uber expanded its business profile to reshape the entire transportation industry, from food delivery and logistics to transport of people. As a result of strategic market positioning, the company experienced strong growth. The net revenue of Uber increased over ** times in ten years, up from *** billion U.S. dollars in 2014 to **** billion U.S. dollars in 2023. Uber Technologies reported being profitable for the first time since 2018, posting a net profit of roughly *** billion U.S. dollars during the fiscal year of 2023. Competition in the sharing economy Uber has been operating in a highly competitive environment since it introduced its first differentiated cab services. One of the major competitors of Uber Technologies is the San Francisco-based Lyft. Although Lyft is a latecomer into the ride-sharing business, Lyft progressively worked on weaknesses exhibited by Uber to strengthen its position against Uber and other competitors. Besides, Lyft is one of the major innovators in the sharing economy along with Uber Technologies. In 2022, Lyft Corporation invested nearly *** million U.S. dollars into research and development globally, which has been scaled back in recent years. Lyft generated *** billion U.S. dollars in global revenue during 2023.

In the fourth quarter of 2024, *** million people used the Uber app at least once per month. This is a ** percent increase compared to the fourth quarter of 2023. Uber is one of the most popular ride-sharing apps in the world. Based in San Francisco, their global net revenue amounted to ***** billion U.S. dollars in 2023. Contributing to their revenue is the 9.4 billion rides that were delivered via the Uber app that year. In 2022, Uber generated ***** billion U.S. dollars in gross bookings worldwide. U.S. ride-sharing market The ride-sharing market has experienced a giant surge in recent years. The ride-sharing market allows for consumers in need of a ride to instantly call for one via their smartphone and GPS satellites. This is comparable to a taxi service but can in some cases be significantly cheaper. However, drivers for these apps do not usually hold the same licensing requirements as taxi drivers. Uber and Lyft are the two largest companies in this sector, although Uber continues to outperform Lyft. In 2023, Uber's reported global revenue was more than eight times that of Lyft, which recorded *** billion U.S. dollars in revenues.

Launched three years after Uber, Lyft was originally a long-distance car-pooling business, launched by Logan Green and John Zimmer. While Zimride, named after the transportation culture in Zimbabwe...