Skip Header
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."

Share this article

Related Sharecast Articles

Vector Capital reports robust year-end financial position
(Sharecast News) - Commercial lender Vector Capital reported continued growth in shareholders' equity while maintaining dividends and implementing prudent bad debt provision policies in its full-year results on Friday.
Quadrise posts progress with Utah partner Valkor
(Sharecast News) - Quadrise updated the market on its collaboration with Valkor Technologies in Utah on Friday, targeting the supply of low sulphur 'MSAR' and 'bioMSAR' to the marine and power sector.
Clean Power Hydrogen reports solid full-year progress
(Sharecast News) - UK-based green hydrogen technology company Clean Power Hydrogen (CPH2) reported solid progress towards the commercial rollout of its membrane-free electrolyser (MFE) technology in its final results on Friday, driven by a revamped engineering team.
Numis downgrades DS Smith to 'hold'
(Sharecast News) - Numis downgraded its stance on packaging group DS Smith on Friday to 'hold' from 'buy' as it said there was insufficient upside to retain a buy rating.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.