Uber announces $7bn buyback, shares surge

(Sharecast News) - 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."