"Uber's Record Stock Jump: $7 Billion Buyback Sends Shares Soaring"
Uber Technologies Inc. announces a $7 billion share buyback plan, marking its first return of capital to shareholders after reporting its first full year of operating profit and consistent positive free cash flow in 2023. The move reflects confidence in the company's financial momentum and follows similar actions by other tech companies. CEO Dara Khosrowshahi signaled a shift towards returning capital to shareholders, marking a milestone of financial health for the company after years of deficits. Uber's transformation under Khosrowshahi has led to improved profit margins and expansion into new businesses beyond ride-sharing, such as food delivery and advertising.
