2024

April

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">After posting its <a href="https://tokenist.com/ubers-uber-9-9-billion-revenue-in-q4-signals-profit-milestone/" rel="noopener noreferrer nofollow" class="deco-link">first-ever profitable year</a> in 2023, Uber (NYSE: UBER) is building momentum with a <a aria-label="$7 billion (opens in a new tab)" href="https://investor.uber.com/news-events/news/press-release-details/2024/Uber-Announces-Inaugural-7-Billion-Share-Repurchase-Authorization/default.aspx" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">$7 billion</a> share buyback program and fourth-quarter solid earnings growth in 2023. <br><br>The company has turned the corner to consistent profitability and free cash flow generation, enabling a focus on enhancing shareholder returns. The significant share repurchase signals Uber’s confidence in its financial position in the future after its early struggles as a public company. <br><br>Uber’s stock price reflected this improved outlook, closing Monday at $68.99 but jumping over 8% in pre-market trading Tuesday to $74.53. With a market capitalization exceeding $140 billion and high growth expected over the next three years, Uber aims to reward shareholders as profits materialize.</p>
<h3 id="uber-announces-its-first-ever-share-buyback-program">Uber Announces its First Ever Share Buyback Program</h3>
<p>Uber recently announced a $7 billion share buyback program on the heels of reporting its first-ever annual net profit in 2023. After going public in 2019, Uber posted losses each year until finally reaching profitability last year. Specifically, Uber’s free cash flow soared to $3.4 billion in 2023 from just $390 million the previous year. With strong growth expected over the next three years in gross bookings, adjusted core profit, and free cash flow as a percentage of <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">adjusted EBITDA</a>, Uber feels bullish enough to initiate its largest-ever share repurchase.</p>
<p>In the fourth quarter of 2023, Uber built on its profitability momentum. The company generated $9.9 billion in revenue and $1.4 billion in net income as its mobility and delivery segments showed strong growth. Gross bookings also increased significantly to reach $37.6 billion. With revenue and net income exceeding analyst expectations, Uber ended the quarter on a high note. Furthermore, Uber provided optimistic guidance for the first quarter of 2024.</p>
<p>Given Uber’s finally achieving profitability in 2023 and maintaining growth into 2024, it makes sense that management would take advantage of the share price strength to authorize a $7 billion buyback program. Having <a href="https://tokenist.com/uber-closes-in-on-new-high-heres-what-driving-the-stock/" rel="noopener noreferrer nofollow" class="deco-link">turned the corner to consistent profits</a> and free cash flow generation, Uber can now focus on enhancing shareholder returns after its early years as a public company were marked by losses.</p>
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<h3 id="uber-up-8-in-premarket-trading">UBER Up 8% in Premarket Trading</h3>
<p>Uber Technologies Inc.’s stock price closed at $68.99, down $0.13 or 0.19% for Monday. In pre-market trading today, the share price rose significantly to $74.53, an increase of 8.03%. Uber has a market capitalization of $141.972 billion and a beta of 1.33, indicating volatility correlated to the broader market. Over the past 12 months, Uber’s PE ratio was 79.30, EPS was $0.87, and the 52-week range was $29.22 to $73.05, highlighting the growth achieved. <br><br>The one-year price target is $77.34, suggesting an upside to the current price. Uber’s next quarterly earnings report is expected between April 30, 2024 and May 06, 2024, providing additional data on the company’s financial performance.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think this is the start of a new era for UBER? Let us know in the comments below.</strong></em></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities/assets discussed in the article.</em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/uber-announces-first-share-buyback-plan-program-stock-jumps-premarket/">Uber Announces First Share Buyback Program, Stock Jumps Premarket</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Uber Announces First Share Buyback Program, Stock Jumps Premarket

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