Uber unveils $7b share buyback after first profitable year

Uber Technologies said on Wednesday it will buy back up to $7 billion worth of company shares after a strong recovery in ride-share and healthy demand at its food delivery business, reports Reuters.

The company's shares rose more than 5 per cent to $72.50 in trading before the bell.

"Today's authorization of our first-ever share repurchase program is a vote of confidence in the company's strong financial momentum," Uber CFO Prashanth Mahendra-Rajah said.

Over the next three years Uber expects gross bookings growth in the mid to high teens percentage and adjusted core profit growth in the high 30s to 40 per cent.