Uber Reveals Inaugural $7B Share Repurchase Authorization
Portfolio Pulse from Benzinga Newsdesk
Uber Technologies Inc. has announced its first-ever share repurchase program, authorizing up to $7 billion in buybacks. This move is aimed at returning value to shareholders and potentially boosting the stock price by reducing the number of shares outstanding.
February 14, 2024 | 11:55 am
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Uber Technologies Inc. announces a $7 billion share repurchase program, its first ever, signaling confidence in the company's future and a commitment to enhancing shareholder value.
Share repurchase programs often lead to an increase in a company's stock price in the short term. By reducing the number of shares available in the market, each share represents a larger ownership stake in the company, potentially making them more valuable. Additionally, such programs signal to the market that the company's leadership believes its stock is undervalued and that it has sufficient cash reserves, both of which can positively influence investor sentiment.
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