Uber announces $7bn buyback, shares surge
UBER TECHNOLOGIES INC
$69.36
09:55 18/11/24
-5.31%
-$3.89
Uber Technologies announced a share buyback of up to $7bn on Wednesday, sending shares in the ride-hailing app surging.
At 1325 GMT, the shares were up 8.6% at $74.90 in pre-market trade.
Chief financial officer Prashanth Mahendra-Rajah said: "Today’s authorisation of our first-ever share repurchase program is a vote of confidence in the company’s strong financial momentum.
"We will be thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working towards a consistent reduction in share count."