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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

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."

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