Uber Technologies will buy back as much as $US7 billion ($10.8 billion) in shares to return capital to shareholders after reporting its first full year of operating profit and consistent positive free cash flow in 2023.

The repurchase plan “is a vote of confidence in the company’s strong financial momentum”, chief financial officer Prashanth Mahendra-Rajah said in a statement on Wednesday. “We will be thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working toward a consistent reduction in share count.”

Bloomberg