Daily Management Review

Uber announces the first in its history buyback for $ 7 billion


Uber Technologies, an American company that offers food delivery and taxi services, has launched its first-ever share buyback program.

It will come to $7 billion, the business said in a news release.

"The endorsement of our initial share repurchase initiative is an indication of trust in the firm's robust financial forward motion," stated Prashanth Mahendra-Rajah, the chief financial officer of Uber. The corporation will take steps to "systematically reduce the number of shares" in circulation, he added.

The pre-market price of Uber's shares increased by 5.6% on Wednesday. The company's market value increased by more than 28% to $142 billion in the last three months, while the S&P 500 stock index gained 10.2%.

source: bloomberg.com