Uber announces $7 billion buyback after first profitable year

The company logo for Uber Technologies Inc.

Credit: Reuters Photo

Uber Technologies said on Wednesday it will buy back up to $7 billion worth of company shares after a strong recovery in ride-share and healthy demand at its food delivery business.

The company's shares rose more than 5 per cent to $72.50 in trading before the bell.

Over the next three years Uber expects gross bookings growth in the mid to high teens percentage.

The ride-hailing firm posted its first annual net profit last year since the company went public in 2019. Uber had a free cash flow of $3.4 billion in 2023, up from $390 million a year earlier.