By Will Feuer


Shares of Uber Technologies rose in premarket trading after the ride-share company said its board has authorized its first-ever share repurchase plan.

The stock rose about 6% to $72.94 in the premarket session. Through Tuesday trading, shares were up about 96% over the past 12 months.

The company said Wednesday that its board has authorized the repurchase of up to $7 billion in stock. Chief Financial Officer Prashanth Mahendra-Rajah said the authorization is "a vote of confidence in the company's strong financial momentum."

Uber will first seek to use the buyback plan to offset its stock-based compensation, he said.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

02-14-24 0743ET