FILE PHOTO: The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo
(Reuters) -Uber Technologies shot to a record high on Wednesday after announcing its first-ever buyback of $7 billion worth of company shares after a strong recovery in ride-share revenue and healthy demand in its food delivery business.
The company posted its first annual net profit last week since it went public in 2019. Uber executives said they expect to make buybacks consistent over time.
