Uber Unveils $7 Billion Buyback Plan in First for Company
- Move comes after Uber reports first annual profitable year
- CEO Khosrowshahi has pushed Uber into new areas of growth
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Uber Technologies Inc. will buy back as much as $7 billion in shares to return capital to shareholders after reporting its first full year of operating profit and consistent positive free cash flow in 2023.
The repurchase plan “is a vote of confidence in the company’s strong financial momentum,” Chief Financial Officer Prashanth Mahendra-Rajah said in a statement on Wednesday. “We will be thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working toward a consistent reduction in share count.”