The announcement comes a week after the platform reported a net profit of US$ 1.887 billion in 2023, in contrast to the losses of US$ 9.141 billion in 2022.

Uber Technologies, the mobility and delivery service platform, announced today, Wednesday, that its board has authorized a share buyback program of the company's ordinary shares for up to US$ 7 billion. This marks the company's first plan to return capital to its shareholders.

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

Regarding the development of the buyback program, the executive assured that the company will be "thoughtful" in terms of the repurchase pace, working to achieve a steady reduction in the number of shares.

The announcement of Uber's buyback plan comes a week after the platform reported a net profit of US$ 1.887 billion in 2023, in contrast to losses of US$ 9.141 billion in 2022.

As for revenues, they stood at US$ 37.281 billion, an increase of 16.9% compared to the business volume of the previous year. Likewise, the platform's adjusted operating result (Ebitda) increased by 137%, to US$ 4.052 billion.

Uber's business in 2023 reflected a 24% surge in trips made, up to US$ 9.448 billion, while gross bookings grew by 19%, to US$ 137.865 billion.

Uber's shares have appreciated by 18% so far this year and are trading near the all-time high above US$ 73 reached last week. Uber debuted on Wall Street in May 2019 at a price of US$ 45.