Uber announced its first share buyback – Kommersant
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Today, February 14, online taxi ordering service Uber announced about plans to buy back shares for $7 billion. This is the first buyback of shares in the company’s history. Uber shares are up more than 11% today.
The announcement came a week after the company reported on earnings of $1.9 billion for 2023, the first annual profit since its IPO in 2019. Uber is benefiting from rising demand for transportation after a slump during the pandemic. In addition, according to experts, the annual profit indicates that Uber has completed a period during which it actively invested in business development, despite negative financial results.
“Uber is operating at full capacity and has decided it is time to return capital back to the owners. This is a sign of confidence in the level of demand for its services, as well as the operational discipline, excellently supported by CEO Dara Khosrowshahi,” Thomas Hayes, head of hedge fund Great Hill Capital, commented on today’s statement.
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