You might want to think twice before quitting your job to drive for Uber or Lyft.

The median profit for driving for either of the two large ride-hailing apps is just $3.37 an hour — or about $27 for an eight-hour shift, according to a working paper from MIT’s Center for Energy and Environmental Policy Research.

That means 74 percent of Uber and Lyft drivers earn less than the minimum wage in their state, the academic study found.

Three out of 10 drivers “are actually losing money once vehicle expenses are included,” according to the MIT researchers, who surveyed more than 1,100 Uber and Lyft drivers, and collected information relating to the costs of owning and operating their vehicles.

Uber has disputed the study’s findings, calling into question the accuracy of the methodology.

“While the paper is certainly attention grabbing, its methodology and findings are deeply flawed,” an Uber spokesperson told The Post. “We’ve reached out to the paper’s authors to share our concerns and suggest ways we might work together to refine their approach.”

A Lyft spokesperson said that the company had not yet reviewed the study in detail, but suggested that the researchers had made “questionable assumptions.”

Indeed, it’s not clear whether the self-reported numbers come from a representative pool of drivers.

For example, drivers who work full time in high-demand cities like New York generally make more money than drivers who drive Uber as a side gig in smaller towns.

Following pushback over the findings, including a tweet from Uber CEO Dara Khosrowshahi that quipped that MIT stands for “Mathematically Incompetent Theories,” MIT’s Stephen Zoepf said over the weekend he would redo his analysis and report on the results Monday.