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Uber unveils its 1st-ever share buyback plan worth $7 billion

Inshorts · 1y ago

Uber unveils its 1st-ever share buyback plan worth $7 billion

Uber on Wednesday announced its first-ever share buyback program in which it will repurchase up to $7 billion worth of company shares. This comes after the ride-hailing firm posted its first annual net profit since going public in 2019. "Today's authorisation of our...share repurchase program is a vote of confidence in the company's strong financial momentum," CFO Prashanth Mahendra-Rajah said.

Related News

Uber unveils maiden $7 billion share buyback after first profitable year

Economic Times

Economic Times · 1y ago

Uber unveils maiden $7 billion share buyback after first profitable year

Uber Technologies announces its first-ever share repurchase program, planning to buy back up to $7 billion worth of company shares. The decision comes after a strong recovery in ride-share services and robust demand in its food delivery business. Uber's shares have seen significant growth, more than doubling in value last year. The company expects continued growth in gross bookings and adjusted core profits, with a focus on operational discipline. This move reflects Uber's confidence in the demand for its services and its commitment to returning capital to shareholders. Source: The Economic Times.

Daniel Loeb's Third Point slashes stake in Uber

Reuters · 1y ago

Daniel Loeb's Third Point slashes stake in Uber

Daniel Loeb's hedge fund, Third Point, has reduced its stake in Uber by 76% to 1 million shares, according to a filing with the SEC. This comes shortly after Uber announced a $7 billion share buyback plan. Uber's shares have seen significant growth in the past year, doubling in value, and the company reported its first annual profit last week. Additionally, Soros Fund Management has dissolved its stake in Uber's competitor, Lyft.

Grab unveils first-ever share buyback after profitable quarter

Reuters · 1y ago

Grab unveils first-ever share buyback after profitable quarter

Singapore-based company Grab Holdings announced its first-ever quarterly profit and a share repurchase plan worth $500 million. The profit was attributed to cost-cutting measures and increased demand for their ride-share and food-delivery services. Grab has reduced its workforce, cut back on incentives, and minimized technology costs over the last two years. The company also forecasted its fiscal 2024 revenue at $2.70 billion to $2.75 billion, with full-year adjusted core profit estimated between $180 million to $200 million. In the fourth quarter, Grab reported revenue of $653 million and a net income of $11 million.

Uber, Lyft drivers strike across US, demanding fairer pay

Economic Times

Economic Times · 1y ago

Uber, Lyft drivers strike across US, demanding fairer pay

Uber and Lyft drivers in the US are staging a strike to demand fair pay and better treatment. They claim that these ride-sharing platforms are taking excessive fees from their fares, negatively impacting their earnings. The protest coincides with Uber's stock hitting a record high after announcing a $7 billion share buyback. The drivers' coalition, Justice for App Workers, is leading protests in 10 cities across the US, while the Rideshare Drivers United group plans to picket outside Uber's Los Angeles offices. Uber, however, claims that the strike has not affected its operations.

NowPurchase completes maiden ESOP buyback

Entrackr

Entrackr · 9m ago

NowPurchase completes maiden ESOP buyback

NowPurchase, a SaaS-enabled marketplace for metal manufacturers, has completed its first-ever Employee Stock Option Plan (ESOP) buyback.

Mastercard approves share buyback worth $11 billion

Livemint

Livemint · 1y ago

Mastercard approves share buyback worth $11 billion

Mastercard's board has approved a new share buyback program, authorizing the repurchase of up to $11 billion worth of Class A shares. This program will commence after the completion of the company's previously announced $9 billion buyback program. Additionally, the payments processing company has increased its quarterly dividend to 66 cents per share. Following this news, Mastercard's share price saw a 1% gain in after-hours trading. The information is sourced from Reuters.

Meesho unveils its largest ever ESOP buyback programme worth Rs 200 crore

IndianStartupNews

IndianStartupNews · 1y ago

Meesho unveils its largest ever ESOP buyback programme worth Rs 200 crore

Indian unicorn ecommerce startup Meesho has launched its largest Employee Stock Ownership Plan (ESOP) buyback programme worth $25m, benefiting around 1,700 past and present employees. This is Meesho's fourth ESOP buyback, indicating its commitment to rewarding its teams. Unlike other ecommerce marketplaces, Meesho achieved profitability in July 2021 and has maintained positive cash flow. The company reported a 48% reduction in losses and a 77% increase in revenue year-on-year, reaching INR 5,735 crore ($769m) in the last fiscal year. Meesho focuses on Tier 2 cities and ha s a current Gross Merchandise Value run rate exceeding $5bn.

Oyo to reduce it debt burden by prepaying over ₹1,600 crore via buyback

Livemint

Livemint · 1y ago

Oyo to reduce it debt burden by prepaying over ₹1,600 crore via buyback

Oyo, after reporting its first-ever profitable quarter in Q2 FY24, is planning to prepay a substantial portion of its debt worth ₹1,620 crore through a buyback process. This buyback involves repurchasing 30% of Oyo's outstanding Term Loan B (TLB). The company expects a successful buyback to significantly reduce its interest outgo by ₹225 crore per annum. The buyback is open for bidding from November 14-18 and will be funded with cash on the balance sheet and from cash collateral account.

Uber, Lyft drivers strike across US, demanding fairer pay

Reuters · 1y ago

Uber, Lyft drivers strike across US, demanding fairer pay

Uber and Lyft drivers across the United States went on strike to demand fairer pay, citing the platforms' disproportionate fees that cut into their earnings. The protest coincided with Uber's shares hitting a record high after announcing a $7 billion share buyback. Drivers from the Justice for App Workers coalition planned protests at airports in 10 cities, while the Rideshare Drivers United group picketed outside Uber's offices in Los Angeles. Similar strike calls have been seen in the United Kingdom and Canada. The strikes highlight ongoing concerns over gig economy worker rights and classification.

Meesho Unveils INR 411 Cr Bonus Share Plan Ahead of IPO

StartupTalky

StartupTalky · 2m ago

Meesho Unveils INR 411 Cr Bonus Share Plan Ahead of IPO

Meesho, an e-commerce giant, has announced a plan to issue INR 411.4 crore in bonus shares ahead of its upcoming IPO. The plan, approved by shareholders, proposes issuing one bonus share per existing share in a 47:1 ratio. This will increase Meesho's paid-up share capital significantly. Backed by notable investors and focusing on Tier II and III cities, Meesho has seen substantial growth and plans to raise up to $1 billion with its IPO by the end of 2025.

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