Uber: Share buyback and rise to all-time high
The stock value of Uber, the alternative taxi company, has reached an all-time high. After posting a net profit for the first time since going public in 2019, the company announced a $7 billion share buyback plan.
After the coronavirus crisis subsided and employees returned to work, Uber began to thrive again. Last year, it posted black numbers for the first time since going public, and now it’s about to launch a $7 billion share buyback program. Uber CFO Prashanth Mahendra-Rajah said, “The approval of our first share buyback program is a vote of confidence in the company’s strong financial momentum.” Uber shares are currently trading at $81.4. They were worth $45 when they went public five years ago. “Uber is running at full speed and has decided it’s time to return capital back to owners. It is a vote of confidence in the demand for their services as well as the operational discipline executed perfectly by CEO Dara Khosrowshahi,” Thomas Hayes, chairman of hedge fund Great Hill Capital, told Reuters.
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