Uber had a free money stream of $3.4 billion in 2023, up from $390 million a 12 months earlier.
The firm’s shares rose almost 6% to $72.95 in buying and selling earlier than the bell.
Uber Technologies mentioned on Wednesday it might purchase again as much as $7 billion price of firm shares for the primary time ever following a powerful restoration in journey-share and wholesome demand at its meals supply enterprise.
The firm’s shares rose almost 6% to $72.95 in buying and selling earlier than 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 mentioned.
Over the following three years the journey-hailing agency expects gross bookings progress within the mid to excessive teenagers share and adjusted core revenue progress within the excessive 30s to 40%.
Free money stream as a share of adjusted earnings earlier than curiosity, taxes, depreciation and amortization is anticipated to be 90% or greater yearly, the corporate mentioned.
Following a droop in the course of the pandemic, the journey-share market expanded sharply as folks stepped out extra and staff had been referred to as again to places of work. That helped Uber greater than double its market worth final 12 months.
The journey-hailing agency posted its first annual web revenue final week because the firm went public in 2019. Uber had a free money stream of $3.4 billion in 2023, up from $390 million a 12 months earlier.
Earlier this month, Meta Platforms declared its first dividend days forward of social community Facebook’s twentieth anniversary.
